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LaSalle Investment Management, on behalf of retained fund clients, advised by Macarthur Wilson have completed on the purchase of 2 Shopping Centres in the South West.
Market Walk, Newton Abbot has been acquired for £12,750,000 reflecting a net initial yield of 8.85%. The scheme provides circa. 90,000 sq ft of retail space, with 90% of the income secured against national multiple retailers, and 50% of the income secured in excess of 5 years. Wilkinson and New Look anchor the scheme and other occupiers include Dorothy Perkins / Burtons, Bon Marche, H Samuel and Iceland.
Angel Place, Bridgwater has been acquired for £9,775,000 reflecting a net initial yield of 10%. The scheme provides circa. 80,000 sq ft of retail space, and also incorporates the towns principal car park. 62% of the income is secured against national multiple tenants, including Wilkinson, Iceland, Peacocks and Bon Marche.
Philippa Carey of acquiring agent of Macarthur Wilson commented “both these schemes dominate the town centre shopping in their respective locations. They provide solid property fundamentals and this, along with planned / proposed asset management initiatives, will improve the value of these schemes”.
Macarthur Wilson acted for the Purchasers and Jackson Criss acted for the Vendor, Stockland UK.
For further information please contact:
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