Fidelity buys prime Scottish retail park for £17.4m
Published: 06 October, 2010
Fidelity’s UK Real Estate Fund has acquired the Hamilton Palace Retail Park for £17.4m
Hamilton Palace is a retail and leisure scheme adjacent to the town centre incorporating 85,000 sq ft of Class 1 retail warehousing, restaurants and a cinema. The property consists of four retail units let to Boots, JD Sports, Next and Birthdays, a restaurant unit and a nine-screen multiplex cinema let to Vue Entertainment. A further standalone restaurant pavilion is let to Frankie & Benny’s. The average weighted unexpired lease term is 14.3 years.
Alison Puhar, director of UK real estate at Fidelity said: “This was an excellent opportunity to acquire a retail warehouse and leisure investment off relatively low rents and with opportunities to enhance value through an active asset management strategy.”
King Sturge advised Fidelity, whilst Culverwell acted for seller.
