Edgerley Simpson Howe has been retained by Standard Life Investments to manage its retail park portfolio in England and Wales.

The instruction covers 28 retail parks totalling 3.2 million sq ft and includes major schemes such as Ladymead Retail Park, Guildford;  Water Gardens, Harlow: Brookfield Retail Park, Cheshunt ; Central 6 Retail Park, Coventry; and Gallions Reach, Beckton, East London.

Lorcan Mooney, Retail Parks Fund Manager at Standard Life Investments, comments: ”We are delighted to award Edgerley Simpson Howe the management contract for our retail park portfolio for a further 5 years after a competitive re tender from a very strong field of candidates. They have consistently been one of our top performing managing agents over a number of years and we look forward to continuing the excellent service provided by them  to our retailers”

Simon Marshall, head of Edgerley Simpson Howe’s management team, says: “This appointment continues our excellent relationship with Standard Life for whom we have worked for over eight years. Effective property management has come to the fore in the current climate and as the only specialist retail park adviser with a dedicated management team we are well placed in the market.”

CGNU Life Assurance, advised by Edgerley Simpson Howe, has let a unit at Centaurus Retail Park, Cribbs Causeway, Bristol to Carpetright.

The retailer has taken Unit 1A comprising 10,000 sq ft on a new 15-year lease, with five yearly rent reviews, at £33.50 per sq ft.

Harvey Spack Field represented Carpetright.

Standard Life Assurance Company, represented by Edgerley Simpson Howe, has let a store at its Princes Alice Retail Park in Sutton Coldfield to Kutchenhaus.

The retailer is taking the 4,975 sq ft unit on a new 10-year lease at a rent of £154,225 a year, which equates to £31 per sq ft.  The lease is subject to a three month rent free period and a tenant only break option.

Sanderson Weatherall advised Kutchenhaus.

(Oct 2009)

B&Q Properties Ltd, advised by Edgerley Simpson Howe, has sold a freehold retail warehouse investment at 31/37 East Street, Epsom to private clients of Miles Commercial for £3.75m.

The 13,777 sq ft property is let to Staples for 15 years from December 2005 at a rent of £294,120 pa which reflects £21.35 per sq ft. It is part sub-let to Majestic Wine

The investment benefits from an open A1 non-food planning consent and is situated close to the town centre within an area destined for future redevelopment

The purchase reflects an initial yield of 7.42% and is understood to have generated a number of competitive offers.

A spokesman for B&Q comments: “This property does not involve an occupational interest for the company and has been sold as part of our long term strategy to invest for the benefit of our operational retail business.”’

(Sept 2009)

Wilky Fund Management, acting for Associated British Foods Pension Trustees, has acquired an £11.5m retail park in Clacton-on-Sea from Aviva Investors Property Trust.

Brook Retail Park is let to B&Q, Currys, Pizza Hut and KFC with unexpired terms of 11 – 21 years and is adjacent to a modern 6800 sq m (73,000 sq ft)  Tesco foodstore.

The current passing rent of £1.021m p.a. on the 6,764 sq m. (72,800sq ft.) park equates to an overall rent of £143.30 per sq m. (£13.50 per sq. ft.).

The purchase price, including costs, represents a net initial yield of 8.46 %. WFM consultant fund manager Kevin Seville, says demand for this type of property has remained high despite the recession and yields have started to improve.

Whitmarsh Holt Young acted for ABF and Edgerley Simpson Howe acted for Aviva Investors Property Trust.

Brook Retail Park is ABF’s first acquisition since allocating new funds to commercial property in February this year. Seville says WFM has a further £10m available and is focusing on the industrial sector.

Aviva Investors has sold Rydon Lane Retail Park, Exeter, to Threadneedle for £29.5 million.

Edgerley Simpson Howe and Wilkinson Williams advised Threadneedle while Morgan Williams represented Aviva.

The 106,000 sq retail park is let to DFS, Currys, PC World, Halfords, Pets at Home, Carpetright and DFS at rents ranging from £24 to £28 per sq ft.

Jamie Naughton of ESHP comments: “This is Exeter’s dominant bulky goods retail park which has the added benefit of being next door to a 65,000 sq ft Tesco foodstore.”