Schroder Exempt Property Unit Trust (SEPUT) has sold The Avenue shopping centre in south-east Glasgow to private investment clients of BTW Shiells for £70m, reflecting an initial yield of 4.72 per cent. The 180,000 sq ft centre comprises M&S, Boots, Next and Asda and a 2.5 acre site for future expansion.
Since SEPUT and Sovereign Land acquired the property in 1993 for £6m, new retailers such as Next, Elvi, Country Casuals, La Senza, Early Learning Centre and Birthday have acquired units, and rents have increased from £32.50 psf zone A in the mid-1990s to £85/90 today.
This success was largely due to the asset management initiatives of Sovereign Land's Graeme Newman, who provided specialist retail knowledge.
A further 100,000 sq ft, anchored by M&S, and an additional 700 car parking spaces, have also been developed.
Tony Brown, fund manager of SEPUT, said: "The disposal reflects a desire by SEPUT to reduce exposure to retail and increase weightings to the central London office market."
Hamilton Glen and Cushman & Wakefield were involved in the letting, development and sale.
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