St Martin’s Centre in Caversham, Reading has been put up for sale for £16.45 million.
Federated Hermes has instructed KLM Real Estate to market the 1969-built, 92,000 sq ft retail investment which has been upgraded in recent years.
The centre is anchored by a 40,000 sq ft Waitrose and a 13,000 sq ft Iceland, which, together, account for approximately 50 per cent of the income.
Other major occupiers include Boots, Superdrug and Costa alongside local occupiers which include longstanding picture-framing and household goods store Terry’s, vegan restaurant Vegivores and The Caversham Butcher.
The centre comprises a four-acre site with 250-space free car park. In addition, the property has 10 flats held on assured shorthold tenancies with planning permission for additional residential accommodation.
Federated Hermes says it is asking for offers in the region of £16.45m, representing a 7.50 per cent net initial yield.
The brochure can be seen here.
Two new occupiers are about to make the centre fully occupied. Optician business Eye Club, based in Pangbourne, is currently fitting out at the former Cara Shoes unit and Reading-based bakery business BKRY is to take the former House of Cards unit next door.
It will have a food and drink offer on the ground floor and bakery school on the first floor.
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