The shopping centre in the centre of Caversham has been sold for £16 million to a Beaconsfield-based company. 

Located on Church Street, St Martin’s Shopping Centre in Caversham was built in 1969 and contains over 92,000 sq ft of upgraded retail space.

The centre went on the market in June with an asking price of £16.45 million, with an estimated annual net income of around £1.3m.

Now it's been sold to Sorbon Estates, according to UK Property Forums. 

The Beaconsfield-based website owns retail properties across Maidenhead, as well as units in Marlow in Buckinghamshire. 

The centre is currently features a 40,000 sq ft Waitrose and a 13,000 sq ft Iceland. 

Together, these retail giants account for approximately 50 per cent of the income from retailers.

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The centre has 17 other shops, including Costa Coffee, Boots, and Superdrug, as well independent businesses such as Terry's framing and household goods, vegan restaurant Vegivores, and The Caversham Butcher. 

The four-acre site also a 254-space car park, Caversham Health Club, and 10 flats and one office suite.

Development approved almost a decade ago - but never acted upon - includes an extension to the Waitrose store and the creation of a cinema - as well as 40 further flats. 

Rob Dales, partner of KLM Real Estate, which advised the vendor told UK Property Forums that 'the level of interest' in the site showed that the market for shopping centres is improving. 

He said: “This is especially true for South East food anchored centres where the rents have been re-based and there is a strong tenant trading story.”