New retail park for Hammerson
Published: 01 March, 2007
Hammerson has paid £120.6m for the Ravenhead Retail Park in St Helens, Lancashire. The property has a current annual net rental income of £4.8m.
Ravenhead Retail Park comprises 297,000 sq ft of retail space with partial open A1 planning consent. And an adjacent site has planning consent for an additional 87,000 sq ft.
Tenants of the 17 unit scheme, located within walking distance of St Helens town centre, include Arcadia, B&Q, Boots, Currys and Next.
The deal was structured through the purchase of a privately-owned company that had significant capital gains tax liabilities. According to Hammerson chief executive John Richards deals of this kind are likely to be more common now that Hammerson has opted for REIT status.
