June 24, 2013
Salmon Harvester Opportunity Fund (SHOF) has acquired Cathedral Plaza, a 130,000 sq ft (12,077 sq m) retail block in Worcester city centre from Land Securities for £23.15 million.
It has also signed DW Sports in the space previously occupied by JJB Sports
Cathedral Plaza, whose existing tenants include H & M, Next, Arcadia, Monsoon and White Stuff, generates a current rental income of £2.3million pa.
Matthew Meaden, Fund Manager at SHOF comments: “This is our second major retail acquisition in the last twelve months, having bought St Andrew’s Square in Droitwich Spa last year. We are already advanced with plans for a refurbishment of part of Cathedral Plaza to provide further modern restaurant and retail units.”
Salmon is expected to submit a planning application later this year.
Cathedral Plaza includes 4/23 High Street, 4/18 Pump Street and 1/10A College Street, located within the pedestrian section of the High Street, opposite Worcester Cathedral.
Hoddell Stotesbury Morgan advised Salmon Harvester on the purchase.
DMR, Hartnell Taylor Cook and Johnson Fellows are retained as letting agents.