Capreon to sell Grimsby shopping centre

Leo Noé’s Capreon has appointed CBRE to sell Grimsby shopping centre Freshney Place.

The landlord is targeting a £70m sale, reflecting a yield of 8%.

The 500,000 sq ft site – the largest shopping complex in Lincolnshire – already has planning approval for an £18m redevelopment, granted by North East Lincolnshire Council last December.

This includes a new leisure extension comprising a nine-screen cinema and seven restaurants.

It has more than 100 shops, with tenants including Primark, Next and Marks & Spencer, and over 800 car parking spaces.

Alister Thompson, director of asset management