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Truro's Lemon Quay sold in multi-million pound deal

By WBMiles  |  Posted: December 06, 2013

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Truro’s Lemon Quay has been sold as part of a multi-million pound property deal.

Lemon Quay has been sold to Schroder UK Property Fund (SPF) for £40 million.

The prime retail site was previously owned by Irish property firm Corbo Properties.

The new owners said the 165,000 sq ft site was a “multi-let retail parade in a good location benefitting from strong occupier demand and provides an opportunity to increase income”.

Current tenants include Marks & Spencer, Debenhams and HMV.

The West Briton previously revealed plans for clothing giant Primark to move onto Lemon Quay.

As part of the deal SPF also paid £21 million for retail parks in Spalding, Lincolnshire.

James Lass from Schroder said: “We are delighted to have secured these two properties on an off-market basis. The improving economic environment is beginning to feed through into retailer confidence so we believe these purchases are well timed.

"The assets fit in with our long-standing strategy of acquiring well located real estate, let off low base rents where occupier demand is strong. We see numerous asset management opportunities in both properties."

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