Capreon to sell Grimsby shopping centre

Leo Noé’s Capreon has appointed CBRE to sell Grimsby shopping centre Freshney Place. The landlord is targeting a £70m sale, reflecting a yield of 8%. The 500,000 sq ft site – the largest shopping complex in Lincolnshire – already has planning approval for an £18m redevelopment, granted by North East Lincolnshire Council last December. This includes a new leisure extension comprising a nine-screen cinema and seven restaurants. It has more than 100 shops, with tenants including Primark, Next and Marks & Spencer, and over 800 car parking spaces. Alister Thompson, director of asset management at Capreon, said: “The next chapter is looking very exciting for Freshney Place. “The shopping centre is very much the town centre of Grimsby and with the planned development of the Riverhead Cineworld and restaurant complex, Freshney Place is set to develop into a hub for recreation as well as shopping. “We are in advanced negotiations with a number of national restaurant occupiers eager to become part of this new development, while continuing to grow Freshney Place as a destination for quality retail.” Capreon’s recent acquisitions include the £164m purchase of two retail parks – Imperial Retail Park in Bristol and Fife Central Retail Park in Kirkcaldy – from Hammerson. The deal, which represented a 7% yield, completed earlier this month.   To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette