Columbus and Chester buy in Motherwell
Published: 25 May, 2010
Columbus UK Real Estate Fund and Chester Properties Investment Partnership have formed a new joint venture to acquire The Brandon Shopping Centre in Motherwell.
The sale price is undisclosed but the 350,000-sq ft centre provides 91 units with anchor tenants including Primark, Wilkinson, Peacocks, Poundland, New Look, Dorothy Perkins and Boots. Rents range from £20 Zone A to £55 Zone A with a long average unexpired lease term in excess of 14 years.
The centre forms the prime retailing pitch in Motherwell and planning permission has been secured to reconfigure the 40,000-sq ft former Asda unit into three large units, one of which has already been pre let, and the sub division works are expected to start in Autumn 2010.
Joe Froud, managing partner of Columbus Capital Management said: “This is the first acquisition for our new fund and we are excited by the opportunities we have identified to extend and enhance the current retail offering in the centre.
“On completion of the letting of the reconfigured former Asda unit we expect the additional footfall that these anchor stores will generate to be a major benefit to the rest of the scheme. We are optimistic about the prospects for value and convenience retailing and are targeting similar centres throughout the UK.”
And Chester fund director Tom Tyler, added: “Most importantly, sensible prevailing rental levels mean the scheme is not over rented and enable us to offer attractive and sustainable trading opportunities to new retailers.”
Montagu Evans and Douglas Stevens & Co acted for Chester Properties and have been appointed joint letting agents. GVA Grimley acted for CALA Properties.
