Aberdeen Standard Investments Sell Hollywood Retail Park,
Barrow following Aldi pre-let

With the pre-let Aldi deal in place Aberdeen Standard
Investments have sold their Retail Warehouse and Leisure holding in
Barrow-in-Furness. The new letting provided an overall WAULT of over 8.5 years
with almost 7.5 years to breaks and Aldi will sit alongside other retail
tenants Dunelm, Currys/PC World and TK Maxx. The scheme also provides a food
and leisure offering in the form of Majestic Bingo, Nuffield Health, Vue, KFC,
Pizza Hut and McDonalds.

New River REIT purchased from Aberdeen Standard for £15.35
million showing a return in the region of 8%. At the time of sale DSG were
holding over and had not regeared.

ESH advised Aberdeen Standard Investments on the sale.

ESH have been appointed by a private buyer to manage the iconic The Cube in Central Birmingham. Forming part of the re-generation of the Gas Street canal basin, the Cube is a multi-let multi-use Building let to a range of restaurant, leisure and office occupiers together with 8 floors of residential apartments. This demonstrates ESH’s ability and desire to diversify its managed portfolio into non-retail warehouse sectors.

Edgerley Simpson Howe has announced the promotions of Chris Fenton, Tim Wagstaff and Ashley Glover to Associate Partner.

Chris Fenton works in the firm’s Agency department having joined from Broadgate Estates in 2015. Tim Wagstaff, who started as a graduate with the firm in 2012, works in the Investment team.  Ashley Glover works in the firm’s Management department and is responsible for the management of Aberdeen Standard Investments’ retail warehouse portfolio.

Partner Nick Howe said: “These promotions galvanise our young team with specialist experience and expertise in the out of town market.”

Rishworth Centre and Railway Street sold by Aviva

Purchased originally as two separate ownerships, Aviva have sold the Rishworth Centre and Railway Street Retail Park in Dewsbury in a single transaction. New River REIT purchased for £14.275 million reflecting a net initial yield of 7.85%.

The scheme(s) are let to 7 retailers across over 90,000 sq ft including Matalan, Halfords, Poundstretcher, Next, Pets at Home, Clarks and Iceland with a WAULT to breaks of approximately 4.5 years.

The vendor, Aviva, was advised by ESH.

The Rotherham Unit Trust, care of Capreon, have concluded various initiatives and lettings at Parkgate, one of the UKs largest and best known shopping parks.  The owners have secured the long term occupation of Wilko, EE, Holland & Barrett, Cancer Research and also Costa Coffee for its second store on the scheme.  ESH act jointly for the scheme’s owners.

Having regeared Unit 1 for an additional 10 year term, ESH also advised AXA REIM on their disposal of Cross Hands Retail Park, Carmarthenshire.  The park is let to Farmfoods, Topps Tiles and Flooring Republic for a weighted average of 7.5 years unexpired, including breaks.  The freehold was sold to a private investor.