Scottish Widows Unit Funds Ltd, advised by Edgerley Simpson Howe LLP, have sold the Next unit at Searle Crescent, Weston Super Mare to The Representative Body of the Church of Wales for £3.95 million, a net initial yield of 5.5%.

The property comprises 18,874 sq ft and is let for a further 8 years at a passing rent of £12.02 per sq ft.

Scottish Widows Investment Partnership, advised by Edgerley Simpson Howe LLP, have acquired the DSG Retail unit at Stony Lane, Christchurch in the sum of £3.62 million reflecting a net initial yield of 7.51%.

The 18,090 sq ft unit is let to DSG Retail at a rent of £287,000 per annum exclusive with an unexpired lease term of 11 years.

Jamie Naughton comments ‘This purchase was an opportunity to extend SWIP’s existing holding in the town, which will create further asset management opportunities’.

Retailers are struggling to ­convert their ambitious expansion plans into store openings in the out-of-town sector.

Retailers are struggling to ­convert their ambitious expansion plans into store openings in the out-of-town sector reports Annabel Dixon of Estates Gazette. Supermarket giant Asda this week said that plans to open 150 of its Living stores by 2015 may have been over-optimistic. Chief executive Andy Clarke said: “We still want to have an estate of 150 stores and believe we will get there – it just might take us a different timescale. Who would have forecast two years ago the sort of economic conditions that we have faced over the 18-month period?” An insider added: “Asda Living doesn’t have a trial format, and finding conforming parks – prime sites with 20,000 sq ft units with full-cover mezzanine and ­tenants such as Next and New Look – is harder than it thought. There is a lot in the pipeline.” Wren Kitchens is also understood to have stepped back on its expansion in the out-of-town market, putting a hold on acquisitions until the autumn.

Last October, its property director Aidan Farrell said the 26-strong chain had scope to open 100 stores in the UK. And US electricals retailer Best Buy, which planned to open up to 100 shops of 25,000-60,000 sq ft by 2013, said earlier this month that it would open just three in the next few months, taking its UK portfolio to 11. Adam Patrick, partner at retail park specialist Edgerley Simpson Howe, said: “Over the past few weeks there has been a slight cooling of interest in store openings from some of the main retail players, who are perhaps pausing for thought given the consumer environment, disappointing trading over Easter and cost inflation of raw materials. “That said, the recent demise of Focus DIY and uncertainty surrounding Comet will release more opportunities for the many retailers who continue to expand.”

Scottish Widows Investment Partnership, advised by ESH, has completed an £80 million property swap with British Land.

Scottish Widows Investment Partnership, advised by ESH, has completed an £80 million property swap with British Land. SWIP has bought the freehold interest in the Valley Leisure Park, Croydon for £28 million, 7.0% net initial yield. The Park, which is anchored by an 8 screen Vue cinema, adjoins SWIP’s existing holding at Valley Plaza Retail Park. Now that both schemes are under the same ownership the opportunities for asset management and re-configuration are much greater. As part of the transaction SWIP has sold the Mayflower Retail Park in Basildon for £51 million reflecting a net initial yield of 5.9%. The swap required a cash investment of £23 million from BL.

The past couple of months have been busy for the ESH Investment Team which has completed 13 deals so far in 2011

The past couple of months have been busy for the ESH Investment Team which has completed 13 deals so far in 2011. In what is traditionally a quiet time in the market at the start of the year, the team have sold seven properties and bought six with a combined value of around £150 million. We represented eleven different clients and both they, and we, have further buying requirements to fulfill and disposals to effect (March 2011)

The BlackRock UK Property Fund has sold the Wickes located on Middle Engine Lane, North Shields for £5.15 million

The BlackRock UK Property Fund has sold the Wickes located on Middle Engine Lane, North Shields to LaSalle Investment Management for £5.15 million, a net initial yield of 6.75%. The property comprises 28,200 sq ft and is let for a further seven years at a passing rent of £368,400 per annum (£13.06 per sq ft). Edgerley Simpson Howe LLP advised The BlackRock UK Property Fund.