Helical Retail has funded its Cortonwood Shopping Park, near Rotherham, to clients of Aberdeen Asset Management for £36.3 million, showing the buyer a yield of c.5.5%
Over 95% of the 80,000sqft scheme was pre-let ‘off plan’ to Outfit, H&M, New Look, River Island, Marks and Spencer Simply Food, C&J Clark, JD Sports, Wilkos, Poundland and a Frankie & Benny’s Restaurant. The project benefits from an open A1 non-food planning consent with a relaxation for the M&S food sales. Construction work starts on 9th May with completion due in June 2017.
Jonathan Cox, Managing Director of Helical Retail, said, “This is one of only a very few funding deals in the market at present. The pre-lettings of 10 out of the proposed 11 units to some of the strongest fashion retailers in this sector will arguably create one of the best shopping parks available in recent times.”
Robert Cass, Head of UK Property Transactions at Aberdeen Asset Management said, “We are delighted to be funding this opportunity with Helical Retail who have a strong track record in delivering high quality schemes. The retailer line up attracted is testament to their confidence in the scheme and will build on the already very successful retail destination at Cortonwood “.
Edgerley Simpson Howe acted for Helical Retail on both the lettings and funding.