NewRiver Retail buys shopping centre

NewRiver Retail, the retail property investment and asset management company, has acquired the freehold interests of The Deeping Centre, a district shopping centre located in the town of Market Deeping, near Peterborough for £5.50 million.

The investment is being acquired using existing resources from Westgate Properties Anglia Limited, part of the Anglia Regional Co-operative Society Limited (ARCS) and reflects a net initial yield of 6.98 per cent and an equivalent yield of 8.01 per cent.

The Deeping Centre is anchored by a 27,000 square foot Co-operative food store and a petrol filling station, together with 11 further retail units. The

The centre also provides the main car parking facilities for the town with 275 dedicated spaces.

Other key retailers trading in The Deeping Centre include the National Co-op chemist, Scrivens opticians and S&D Bookmakers Ltd.

Additionally NewRiver has purchased an adjoining strategic vacant site at one of the entrances to The Deeping Centre for £275,000.