Buccleuch Property has sold Museum Square Shopping Centre in the Lake District town of Keswick for in excess of the guide price of £3m, reflecting 8.4%. The scheme consists of 14 Units let to 12 tenants and comprises a large land holding in the centre of the town.
Buccleuch Property owned the property for in excess of 15 years during which time it proved popular with retailers and attracted strong footfall. The decision to sell the property was made following a flurry of letting activity and asset management enhancements.
The lack of vacancy and demand for the Lake District town shows that retail is still a strong performing asset class in the right locations. The recent lettings to Grape Tree and BHF meant the property fully let when sold.
Commenting on the sale, Philip Eves, Investment Director of Buccleuch Property said, “We have worked hard over the last few years to improve the property with a mix of new tenants and lease re-gears. This was the right time for us to sell the property as we focus on new investments.”
James Metcalf of MHPI acted on behalf of Buccleuch and Edwin Thompson acted on behalf of a private client.
