Rishworth Centre and Railway Street sold by Aviva

Purchased originally as two separate ownerships, Aviva have sold the Rishworth Centre and Railway Street Retail Park in Dewsbury in a single transaction. New River REIT purchased for £14.275 million reflecting a net initial yield of 7.85%.

The scheme(s) are let to 7 retailers across over 90,000 sq ft including Matalan, Halfords, Poundstretcher, Next, Pets at Home, Clarks and Iceland with a WAULT to breaks of approximately 4.5 years.

The vendor, Aviva, was advised by ESH.

The Rotherham Unit Trust, care of Capreon, have concluded various initiatives and lettings at Parkgate, one of the UKs largest and best known shopping parks.  The owners have secured the long term occupation of Wilko, EE, Holland & Barrett, Cancer Research and also Costa Coffee for its second store on the scheme.  ESH act jointly for the scheme’s owners.

Having regeared Unit 1 for an additional 10 year term, ESH also advised AXA REIM on their disposal of Cross Hands Retail Park, Carmarthenshire.  The park is let to Farmfoods, Topps Tiles and Flooring Republic for a weighted average of 7.5 years unexpired, including breaks.  The freehold was sold to a private investor.

Standard Life Investments, advised by ESH, have exchanged contracts with Aldi to occupy an amalgamated and refurbished anchor store at Hollywood Park alongside TK Maxx, Currys PC World and Dunelm.  Aldi have agreed to take a new 20,060 sq ft unit on a new 20 year lease later this year once construction works have been finalised.

The Wigley Group, advised by ESH, has sold its freehold interest in Vantage Trade Park in Coventry to Schroders’ Multi-Let Industrial Property Unit Trust (MLIPUT) for £5.07 million, reflecting a NIY of 5.4%.

The Park, which comprises a terrace of four units totalling 25,000 sq ft, was developed by The Wigley Group in 2015 and represents the best quality trade park in the city.  The property is let to Magnet, Formula One Autocentres and Adrenaline Motorcycles and produces a total rent of £291,262 per annum, reflecting a blended rent of £11.65 per sq ft. The investment offered a weighted average unexpired lease term of just over 13 years to expiry and over 8 years to break.

Standard Life Investments, advised by ESH, have sold the long leasehold interest in this major edge of town leisure and retail investment to a Threadneedle Investment Fund. It provides the only cinema and bowling alley in Southport with other occupiers including Dunelm, Matalan, Pets at Home, Poundstretcher, DW Sports and a number of restaurants such as McDonalds, Pizza Hut, Nando’s, GBK, Frankie & Bennys and Chiquitos.