Plymouth's Drake Circus sold to British Land for £240m

Drake Circus shopping centre
Image caption The Plymouth shopping centre opened its doors in October 2006

A Devon shopping centre has been sold to one of the UK's biggest property developers.

Drake Circus in Plymouth city centre was bought for £240m by British Land.

The company, which already owns the Meadowhall Shopping Centre in Sheffield, said Drake Circus had "significant potential".

Over the Christmas period more than half a million people visited Drake Circus, which has more than 70 shops and parking for nearly 1,300 cars.

Chris Grigg, British Land's chief executive, said: "Drake Circus further adds to our strong portfolio of high quality income generating retail assets in the best locations around the UK.

"We see significant potential to add value at Drake Circus over the coming years."

Drake Circus opened in October 2006.

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