Lunson Mitchenall’s Investment team has celebrated a successful few months with four retail disposals across the UK and Scotland, totalling £34.5m
The Investment division advised Goldman Sachs / M7 Real Estate on the sale of the long leasehold of the Marks and Spencer anchored Dolphin Square Shopping Centre, Tring. This neighbourhood retail scheme in Hertfordshire was sold to Waypoint for £4.15 million, reflecting a 8.1 per cent net yield. Waypoint was represented by Allsop & Co in the deal.
The team also advised North Hill on the sale of a new build convenience store in Addlestone. The Co-op convenience store located on 100-106 Church Road, was sold to Crusader Holdings for £1.355 million at a 5.5 per cent net yield. JLL acted for Crusader Holdings.
In addition to this, the division advised AEW on a multi-let block of 16 high street shops in Pontefract, West Yorkshire which was anchored by Poundland, Clarks, Bon March and Holland & Barrett was sold to David Samuel Properties for £5.78 million, representing a 9.5 per cent net yield. David Samuel Properties were represented by Rees Denton.
Finally, Lunson Mitchenall acted on behalf of Catalyst Capital in their sale of Waverley Mall on Princes Street, Edinburgh. The 85,000 sq ft centre was bought for £23.25m by Moorgarth, reflecting an 8 per cent yield. Cushman & Wakefield advised Moorgarth.
James Cogavin, Director, said: “This string of deals is testament to the strength of investor demand for regional retail assets across the UK. Despite the political turmoil that hit the country last year, we are still seeing high levels of interest across attractive investment opportunities – especially outside London. Coupled with two new hires for the Investment team, we are confident that 2017 will be a successful year for us.”