News - 04/11/2010

Havant Retail Park acquired for £5m

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Acting on behalf of Bournemouth-based investors and developers, Ankers & Rawlings, we have completed the acquisition of Havant Retail Park.

The scheme amounts to approximately 67,000 sq ft and benefits from an open A1 (retail) consent. It is situated on the junction of the A3(M) and A27 at Havant, Hampshire, and has been sold to Ankers & Rawlings by Henderson Global Investors for circa £5 million, reflecting a net initial yield of circa 9%.

Significant investment deal for the region

Jerry Vigus, Director in our Capital Markets team, commented: “This is a significant investment transaction, both for our client and for the wider region, demonstrating an improvement in commercial confidence.”

The transaction follows our acquisition of Central Retail Park in Havant on behalf of Threadneedle for circa £20m earlier in the year. Our resultant investment and retail warehouse knowledge allowed us to provide comprehensive advice on this latest transaction.

Increase the profile of Havant Retail Park

Scott Rawlings, Director at Ankers & Rawlings, added: “The park offers a number of opportunities to increase asset value, either through lease renewals, new lettings and/or re-development. With immediate effect our intentions are to increase the profile of the park by improving signage and the general management, thereby assisting the current and well-established occupiers.”

Bright future for the scheme’s location

John Butt, a retail warehousing specialist at LSH, concluded: “This offers an exciting opportunity for Ankers & Rawlings. LSH has been involved in the park for a number of years and we are well aware of the potential on offer.”

“With the Hindhead Tunnel due to open next summer, the location is only going to get stronger. We are already in discussions with a number of occupiers who have expressed an interest in the site.”

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