Pension fund buys Cambridge asset from Aberdeen Standard Investments.

Aberdeen Standard Investments, advised by Edgerley Simpson Howe has sold Cambridge Retail Park to RPMI Railpen for approximately £100m.

The 230,000 sq ft park dominates the eastern edge of the city centre and was constructed between 2000 and 2007.

ESH has actively asset managed the scheme since ASI purchased from Deka Immobilien in 2014. More recently this included the completion of a series of lease extensions and new lettings to occupiers such as Lidl and The Gym Group, the existing Homebase store was also right-sized.

CBRE Global Investors secure Topps Tiles in New Malden.

CBRE Global Investors, advised by ESH have completed a new letting to Topps Tiles in place of the former Harveys unit at Shannon Corner Retail Park.

Following the restructuring of the Harveys/ Bensons for Beds business last year the 7,411 sq ft unit became available and was let to Topps Tiles on a new 15 year lease following a best bids process.

Topps Tiles occupy an existing unit nearby in New Malden and will relocate to the new unit following their lease expiry in a few years time. In the interim the tiling retailer has completed a short term sub-letting to Bensons for Beds who will occupy the premises.

ESH advises Mayfair Capital on London foodstore purchase.

Mayfair Capital, represented by Edgerley Simpson Howe has acquired a North London foodstore for £12.7m, reflecting a net initial yield of 3.54%. The asset was sold by a fund managed by CBRE Global Investors.

The purpose-built foodstore is located within the affluent area of Southgate, Enfield and is positioned a short distance from its centre. The property extends to approx. 19,000 sq ft and is let to M&S until 2045, with the benefit of fixed rental uplifts every five years.

Phil Sturdy, Investment Director, commented: “Modern supermarkets play a key role in the evolving pattern of consumption in urban areas. While shoppers have a preference to shop locally, especially for convenience food-based goods, the ability of supermarkets to cater for click-and-collect and home delivery also means they can benefit from the ongoing rise of e-commerce. In addition, competition for land in this growing area of North London supports future long-term capital growth opportunities.” 

Simon Martindale, Fund Manager of the Property Income Trust for Charities, added: “This acquisition provides attractive and secure long-term income to the Fund from a segment of the market which remains highly resilient to the current economic slowdown. This asset will complement the overall portfolio composition of the Fund following the recent warehouse purchases in Stoke-on-Trent and Stockport.”

ESH advises landlord client M&G Real Estate on Carlisle lettings.

ESH acting on behalf of landlord client M&G Real Estate have successfully completed two lettings to B&M and Smyths Toys at Kingstown Retail Park, Carlisle.

Both tenants occupy a sub-division of the former Homebase unit, which has been extensively refurbished by the landlord. B&M has agreed a new 15 year lease on a unit extending to approx. 24,450 sq ft, whilst Smyths Toys has also agreed a new 15 year lease on a unit extending to approx. 15,000 sq ft.

The scheme is now fully let with existing occupiers including Curry’s PC World, Next, M&S, Hobbycraft and Argos.

Local Authority purchases in-borough Waitrose foodstore.

A Local Authority client of ESH has successfully completed the purchase of an in-borough foodstore asset let to Waitrose.

The foodstore is let for approximately 8 years with ancillary shop income. It also occupies a prominent town centre position, providing in-borough regeneration potential for the Local Authority in the long term.

The Local Authority, advised by ESH, purchased the asset for £9.65m, reflecting a net initial yield of 6.95%.

ARP Properties secure B&M letting & Matalan re-gear in Cardiff.

ARP Properties have successfully secured a new letting to B&M at Avenue Retail Park, Cardiff .

The essential, FTSE 100 retailer will occupy with the former Homebase unit, which extends to approximately 46,000 sq ft on a new 10 year lease. Other occupiers on the scheme include Home Bargains, M&S and Matalan who also committed to the scheme longer term by means of a lease re-gear extending the unexpired term of the unit to 10 years.

Edgerley Simpson Howe represent the Landlord ARP Properties.