Lunson Mitchenall and its joint agents Coady Supple have advised New Frontier in its purchase of Houndshill shopping centre in Blackpool. The centre, which is anchored by Debenhams, was sold by Blackstone and Catalyst for £101 million, representing a 6.25 % initial yield.
The 302,339-sq ft centre, which is based in the heart of Blackpool near the famous Blackpool Tower, has 65 shops and 750 car parking spaces. Major retailers including New Look, River Island, Next and H&M. Earlier this year, the centre saw Ed’s Easy Diner and Prezzo open as part of the centre’s new dining offering – Burger King, El Taco Loco and Rooster’s have recently opened in the new food court.
Mauritius-listed New Frontier Properties began a major drive into UK shopping centre investment with the £179m acquisition of two shopping centres in Middlesborough and Burton-on-Trent from BMO earlier this year. Lunson Mitchenall and Coady Supple are retained advisors to New Frontier Properties, Waypoint provide asset management advice across all centres.