Drake Circus joints BL portfolio

British Land has bought Drake Circus in Plymouth, one of the West Country’s most popular shopping destinations, for £240m. The 425,000 sq ft shopping centre covers an extensive catchment area of Devon and Cornwall, and an annual footfall of nearly 19m people.

Drake Circus opened in 2006. It has more than 70 shops, three-quarters of them more than 7,500 sq ft. The purchase price represents a net initial yield of six percent with significant potential for income growth through asset management initiatives.

Chris Grigg, British Land’s chief executive, said: “Drake Circus further adds to our strong portfolio of high quality income generating retail assets in the best locations around the UK. We see significant potential to add value at Drake Circus over the coming years by leveraging our extensive asset management skills and retailer relationships.”