One of the few prime retail park investment deals in recent times has seen Aviva Investors selling part of their holding in the Centaurus Retail Park at Cribbs Causeway, Bristol to Capital Shopping Centres Group Plc for over £24,000,000.
It comprises the former Best Buy, let to Carphone Warehouse for another 8.5 years, and Halfords. The total area is some 48,736 sq ft and the sale price represents almost £500 psf. Rental levels are about £31 psf and the planning use is open A1 non-food. Best Buy shut earlier this year.
CSC, co-owners of the mall shopping centre, will receive a total return of about 5.8% on their investment.
Aviva maintain ownership of the adjoining part of Centaurus RP occupied by Tesco, TK Maxx, Hobbycraft, Maplin, Dreams and Carpetright.
Cushman and Wakefield advised CSC and Edgerley Simpson Howe acted for Aviva.