Lancaster’s Market Gate shopping centre has been sold in a £22m deal.
Roubaix Group Ltd, the niche property investment business newly-founded by Chris Beckerman, has acquired the freehold of Market Gate Shopping Centre, Lancaster, from a private owner.
The deal was completed in an off market transaction and is the Monaco-based Roubaix Group’s first since the business was established in August. It represents a yield of approximately 7 per cent.
Market Gate is the dominant shopping centre in the retail heart of the town. It will shortly be strengthened even further with the arrival of a proposed 50,000 sq ft Primark, which will be the largest anchor store in the town.
Market Gate extends to 135,000 sq ft and tenants include New Look, WH Smith, Waterstones, Caffe Nero and Morrisons M Local together with a direct pedestrian link into Marks & Spencer.
Chris Beckerman, Managing Director of Roubaix Group, commented: “I am delighted to be able to announce my first deal since founding Roubaix Group and to have strong support from financial partner, Chenavari Investment Managers.
“The forthcoming arrival of Primark will be transformational for Market Gate and provides a springboard for further improvements to the Centre that will release untapped value.”
Andrew Haines, Partner at Chenavari Investment Managers, added: “We are delighted to support Chris and Roubaix Group with their first acquisition. Chris has a fantastic track record and Lancaster’s Market Gate is the ideal asset with which to start building his portfolio.”
Roubaix Group Ltd was unrepresented and the vendor was advised by Coady Supple.