Property investment company HIMOR Group has bought Bramhall Village Square in Stockport for £5.5m.
Himor, based in Newton-le-Willows, has acquired the 52,000 sq ft development from Everbeech, a subsidiary of Commercial Union Buildings.
The deal reflects a net initial yield of 10.8%.
Himor, led by managing director Will Ainscough, said it had "ambitious plans to reposition the asset through effective management".
Tenants include Boots, newsagent Martins and independent retailers.
Ainscough said: "We were pleased to have secured this deal, which was completed off market and is the latest asset in our growing income producing portfolio.
"We recognised the potential that this scheme has to offer and, as part of our long-term strategy, we plan to undertake a number of improvements that will benefit the scheme and enhance it to complement the popular village in which it is situated."