Tri7, the specialist UK value-add real estate investment and asset management firm, has acquired The Portswood Shopping Centre in Southampton for c.£10m from a private investor.
The Portswood Shopping Centre is a 28,315 sq ft retail and F&B development, set over a nearly 2-acre site, in the Portswood area north of Southampton city centre. A 15-minute walk from St Denys train station and Southampton Common, the asset is also a short distance away from the University of Southampton’s Highfield campus.
The scheme is income-producing, being fully let to 10 tenants including Iceland, Pizza Hut, and The Broadway pub. The Portswood Shopping Centre adds to Tri7’s existing portfolio of retail-led, long-term development opportunities, which includes The Core Shopping Centre in Leeds and Mecca Bingo in Haringey, London.
Samuel Castle, partner at Tri7, said: “The Portswood Shopping Centre offers the exact type of opportunity on which we thrive: an income-producing scheme that benefits from long-term development potential. As we continue to enact our city centre regeneration project acquisition strategy, we have our eyes on a number of sites across the UK and are confident that, for an opportunistic investor and an asset manager with an innate understanding of how to unlock value, there are a host of opportunities to be pursued while much of the rest of the industry adjusts to wider economic conditions.”
