The Meadows Shopping Centre, sold for £56.1m

One of the larger shopping centre sales so far this year.

Acting on behalf of both Lend Lease and Liverpool Victoria, Strutt & Parker has sold The Meadows Shopping Centre, Chelmsford to Legal & General for £56.1m reflecting a net initial yield of circa 7.75%.

The Meadows Shopping Centre forms part of the town's prime retail pitch.  It is well let to BHS, Wilkinsons, FatFace, Boots and Superdrug with an average weighted unexpired term of approximately 6.4 years and a passing rent of circa £4.6m per annum.

The property extends to 153,950 sq ft and comprises a covered shopping centre, arranged as 39 retail units over a single trading level and benefits from High Street frontage and waterside restaurants / cafes.

The deal is one of the larger shopping centre sales so far this year and demonstrates that institutional investor appetite remains for the right product.