Property investor Development Securities has sold the Chorlton Cross Shopping Centre in Manchester for £10.1m to the Greater Manchester Property Venture Fund.
Development Securities acquired the shopping centre in late 2011 at a yield of 8.44% from Altrincham-based developer Citybranch. The centre contains 17 retail units, a surface car park and 50,000 sq ft office tower.
The Chorlton centre was acquired by DevSecs along with a mixed-use development in Manchester's Liverpool Road for £11.1m.
Citybranch, which is owned by the Gross family, had been planning to redevelop the 1970s shopping centre in partnership with Ask Developments and Manchester City Council. The plans were shelved in 2009 due to the recession.
The disposal was announced to the Stock Exchange alongside the sale of a site in Watford.
Matthew Weiner, director at Development Securities, said: "We are continuing to make good progress across our portfolio to execute our individual asset business plans and the announcement today further underlines our success in this regard.
"Both of these assets were acquired in 2011 and since then we have added considerable value through proactive asset management and enhancement."
GVA advised GMPVF.