NewRiver REIT has put Coventry's The Precinct shopping centre on the market seeking £23.14 million.
Savills and FMX have been appointed to sell the dominant retail investment in the centre of the West Midlands city.
The Precinct is an open-air shopping centre extending to 90,842 square foot and anchored by a 10,622-square-foot JD Sports. The Precinct estate has been regenerated by Coventry City Council, which has invested £20 million in the public realm.
National retailers at the complex include JD Sports, Skechers, Holland & Barrett, Card Factory, Costa and Footlocker.
The estate is held on a long leasehold from Coventry City Council, expiring 2138, with 113 years unexpired.
It has a weighted average lease to expiry of 4.99 years with 60% of the gross income secured against the top 10 tenants in the scheme. The total gross income is £2,407,790 per annum.