LONDON-Royal & SunAlliance Property Investments has paid Capital & Regional £16.8 million ($23.9 million) for the Lancaster City Retail Park in Lancaster, Lancashire.

The 117,500-sf park on Mellishaw Lane, Lancaster consists of seven retails units. Tenants include Matalan, JJB Sports, Wickes, MFI, Carpetright and Harveys. Capital & Regional said it put the property up for sale because it now plans to concentrate on larger ‘destination’ retail parks and it mow has a minimum lot size of of 120,000 sf.

Philip Owen, Assistant Fund Manager at Royal & SunAlliance Property Investments said: ‘The site benefits from excellent transport links and is the dominant retail park for a substantial catchment area covering Lancaster, Morecombe and Heysham. There is plenty of opportunity for active management.’

Capital & Regional was represented by King Sturge and FPD Savills acted forRoyal & SunAlliance Property Investments.

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