Helical Bar buys Leicestershire centre

Helical Bar has exchanged contracts to buy Sutton-in-Ashfield Shopping Centre, Leicestershire, from LaSalle Investment Management for £16.1m. The deal comes hard on the heels of its purchase of Newmarket Shopping Centre.

The acquisition fulfils Helical Bar’s strategy to increase cash flow within the portfolio, sell non-income producing property and take advantage of value in the investment and development market. Sutton-in-Ashfield is a freehold 140,000 sq ft town centre scheme. Tenants include New Look, Superdrug, and Argos.

Helical Bar also announced £6.5m of sales from its portfolio. They included the last units at Southampton Industrial Estate, which the company developed in 2008, for £1.6m to Minton Investments. The transaction completes the disposal of this entire estate following the sale in December of the Trade Counters to ING. It also sold the remainder of the Kidlington Industrial estate, in Oxfordshire, for £3m to Milton and it completed the sale to Infiniti of a plot at S:Park Stockport.