Helical Bar has completed the acquisition of Huddersfield Retail Park, Beck Road in Huddersfield, West Yorkshire from Administrators at PWC appointed over Castlemore Securities Ltd.

The purchase price of £17 million reflects a net initial yield of 7.2%. The real estate strategy for the site was worked up with Cordatus Real Estate and PWC’s real estate team. Edgerley Simpson Howe advised the vendor. The 96,977 sq ft property, which benefits from Open A1 planning consent, comprises two terraces of three units on a 6.5 acre site offering 304 car parking spaces. The Park is fully let to a strong selection of retailers including Matalan, Dunelm, Aldi and B&M on long leases (the weighted average unexpired lease term is 12 years without breaks, 10 years including breaks). Five of the six units were let between 2009 and 2012 and so the rents are low (an average of circa £13 psf), offering opportunities for future rental growth. In addition, a number of the leases have fixed increases. Matthew Hammond, Partner at PWC said: “Following wide marketing of this asset, we were pleased to generate a competitive bidding process with several institutional investors, generating an attractive price for the Administration” Michael Cunningham, Director at Cordatus said: “The park was sold following completion of an asset management plan which included leasing 13,500 sqft of vacant space, extending the principal lease on the park and extending the car park. We are delighted at the contribution these initiatives made to securing this sale.”

Standard Life Investments, represented by Edgerley Simpson Howe, have completed lettings to The Range and Bargain Buys at Meadowhall Retail Park, Sheffield.

The Range are taking an assignment and reversionary lease on a unit extending to c.41,000 sq ft, providing a term certain of 15 years. Bargain Buys, the new fascia from Poundworld, are taking a unit of c.12,500 sq ft on a new 10 year lease.

The park extends to c.211,000 sq ft and other retailers include Toys R Us, PC World, Currys, Aldi, B&M and Hobbycraft.

The former Matalan unit at Birmingham Road, Wolverhampton has been subdivided and re-let to Aldi, Poundworld and Iceland.

Aldi took a unit of 16,355 sq ft on a new 20 year lease whilst Poundworld and Iceland took units of 5,100 sq ft and 7,000 sq ft respectively on new 15 year leases. The new retail terrace is located opposite Fitness First and St Johns Retail Park where retailers include Next, PC World, Currys and Homebase.

The landlord, Realis Estates, was represented by Edgerley Simpson Howe.

Helical Retail’s planned 98,000 sq ft Cortonwood Shopping Park has been granted planning permission on appeal. The new scheme will form a £30m extension to the existing Cortonwood Retail Park, owned by Black Diamond investments.

Cortonwood Shopping Park will comprise of retail and restaurant units, and Helical Retail expect to start work on site in early 2015.

Adrian Russell of Helical Retail said: “The existing Cortonwood Retail Park is already very successful and includes tenants such as Morrisons, Next, Argos, Asda Living, Boots and B&Q.  [The extension] will bring more quality retailers to this vibrant destination and create much needed jobs in the area.”

Edgerley Simpson Howe is the letting agent for Cortonwood Shopping Park.

M&G Real Estate, on behalf of the M&G Property Portfolio, has acquired Riverside Retail Park in Northampton and Wycombe Retail Park for £123m – in exchange for its interests in the Tesco Extra on Honeywood Parkway in Dover and a Debenhams store in Taunton

M&G Real Estate is also making a balancing cash payment of £48m net of costs. The £2.21bn M&G Property Portfolio, is a pure bricks and mortar fund, which invests in UK commercial property and is aimed at private investors. Edgerley Simpson Howe advised the BP Pension Fund. For further details, contact Tony Rogers.

The Danish retail chain Jysk have taken a 7,200 sq ft unit in Grantham.

The unit was previously occupied by Dreams who went into administration earlier this year. Jysk took at 10 year lease at a rent of £86,400 pa. Edgerley Simpson Howe were acting on behalf of Grantham Rycroft Ltd with Morgan Williams acting for Jysk.