Orchard Street buys Old George Mall
Published: 06 July, 2011
Orchard Street Investment Management acquires Salisbury shopping centre
Orchard Street Investment Management has bought the 140,000-sq ft Old George Mall shopping centre in Salisbury, Wiltshire, for a pension fund client in a transaction valued at more than £80m, reflecting a 6 per cent yield. The vendor was Doughty Hanson.
Situated in a prime location in the city centre, the 48-unit, open air mall includes an integrated 565 space multi storey car park. Anchor retailers include Marks & Spencer, BHS, TopShop, Fat Face, River Island, and Russell & Bromley
Gary Felce, chief investment officer at Orchard Street, said: “This is a premier shopping scheme in an important cathedral city which has shown resilience to the downturn. It combines the benefit of secure income, with reversionary potential, from good anchor tenants with some interesting asset management opportunities and is well positioned to attract additional leading fashion brands.”
Savills acted for Orchard Street Investment Management.
