Crown Glass Shopping Centre purchased by Praxis for £11.5m
U+I Group has reportedly sold the Crown Glass Shopping Centre in Nailsea, Somerset, to Praxis Capital.
The shopping centre, which houses 88,500 sq ft of retail on a single level and is anchored by a 43,000 sq ft Waitrose, sold for £11.15m. The price reflected a 10.6% net initial yield
The complex also contains 41,727 sq ft of offices, 36 homes and a 250-space car park.
Nailsea Town Council chairman Jan Barber commented on the sale: “We are looking forward to working with the new owners of the town centre to improve the facilities on offer and the range of retail available.
“Hopefully we shall be able to continue the good relationship we have enjoyed with previous owners and we shall look forward to meeting everyone.”