Invista invests in Aberdeen
Published: 01 September, 2010
On behalf of the St James’s Place Property Unit Trust, Invista Real Estate Investment Management has acquired Westhill Shopping Centre, Aberdeen, from Gladedale Capital for £9.25m, representing a net initial yield of 7.2 per cent
The 48,793-sq ft neighbourhood shopping centre, located in an affluent suburb of Aberdeen, is anchored by Marks & Spencer. Set over a 6.53-acre site, the centre provides 24 ground floor retail units and six office suites above.
Approximately 34 per cent of the rent is secured to Marks & Spencer until October 2021, with a fixed rental uplift in October 2011 taking the share to as much as 40 per cent. A further 15 per cent is secured to RBS, Co-Op and Aberdeen Council, contributing towards a weighted unexpired lease term of approximately 9.25 years.
With planning consent for a further seven new units totalling 32,000 sq ft, in which interest has already been expressed from a number of national retailers, the shopping centre offers medium term asset management opportunities for further income growth.
Nick Montgomery, Head of UK Funds at Invista, said: “The acquisition has strong fundamentals with a wealthy catchment and limited competition. The low base rents offer capacity for growth with the potential to improve and develop the site.”
NB Real Estate advised Invista on the acquisition and GTI Property Consulting represented Gladedale Capital.
