A Southampton shopping centre has been sold for a substantial £10million.

Portswood Shopping Centre on Portswood Road has been purchased by real estate company Tri7 for the large sum, Property Magazine reports.

The retail complex was bought from the previous owner Portswood Centre Ltd.

In a post on LinkedIn, Tri7 said: “Adding to our portfolio of long-term development opportunities, we’ve acquired the Portswood Centre in Southampton.

“The 28,315 sq ft retail and food and beverage asset is fully let to 10 tenants, including Iceland and Pizza Hut, and is a short walk from St Denys train station, the green spaces of Southampton Common, and the University of Southampton’s Highfield Campus."

READ MORE: 'They are going to kill Portswood' : Residents protest council's Broadway plans

The spokesperson added: “This kind of retail-led, long-term development opportunity represent exactly the sort of opportunity on which we thrive.

“As we continue to enact our city centre regeneration project acquisition strategy, we’re absolutely confident that there are a host of exciting hidden gems in the UK property market waiting to be uncovered.

“And that’s what we plan to do: kicking the year off as we mean to go.”

This acquisition adds to Tri7’s portfolio of retail sites, which includes Mecca Bingo in Haringey, London and The Core Shopping Centre in Leeds.

The Southampton shopping centre is fully let to 10 tenants including Pizza Hut and The Broadway pub.

The news comes after Iceland announced its departure from the centre in March.

The spokesperson added: “We'd like to thank all of our staff and customers for their continued support.”

The chain did not give a reason for the Portswood branch closure.

But Richard Walker, the executive chairman of Iceland, told the Express newspaper that some closures are simply down to expiring leases. In some cases, shopping patterns have also changed.

This comes as plans are afoot to pedestrianise Portswood Broadway as part of a six-month trial.

But while this has sparked concerns among local business people, who fear their livelihoods could be at risk, the section of Portswood Road outside the shopping centre is unaffected by the proposals.