Sovereign Housing Association have bought a shopping centre and the adjacent car-park in Bristol for £27.2m from BlackRock UK Property Fund.
This multi-tenanted Clifton Down shopping centre and its 350 vehicle car park, has become the biggest commercial property in the housing association’s portfolio.
Clifton Down was built in the early 1980’s and the shopping centre and car park together covers over three acres of land.
Tom Titherington, executive director, development and commercial, for Sovereign, has hailed the deal as a step change in its development ambitions.
He said: “We have ambitions around taking more of a land-led approach, and the control that gives us, in our development plans and so we are delighted to have secured the Clifton Down shopping centre and the adjacent land.
“This is a retail led, mixed use investment and is a really exciting opportunity for us as a business. The income will allow us to increase our development programme, and in the medium to long term there is the potential to redevelop the site to create a sustainable major mixed use development to include affordable and market housing.”
This post has originally been featured in Property Wire.