Henderson buys Winchester’s Silver Hill development from administrators
Published: 22 December, 2010
Henderson Global Investors, on behalf of the Henderson UK Property Fund, has bought the 600,000-sq ft Silver Hill scheme from the administrators of Thornfield
The project has been on hold after Thornfield, owner of the site, entered Administration earlier this year. The scheme covers approximately one quarter of Winchester and is the largest single development in the area since the Brooks Centre in the 1980s. The latest design for the scheme will provide a gross external area of 630,000 sq ft with 95,000 sq ft retail including a 25,000-sq ft foodstore, 18,500 sq ft of offices, an 11,000-sq ft medical centre, 207 private residential units, 100 affordable residential units and 500 parking spaces. The project is aiming for a practical completion date in 2015.
Cameron Fraser, fund manager of the Henderson UK Property Fund, said: “The development of this substantial area of Winchester is an exciting addition to our portfolio which fits well within our fund strategy for value add opportunities.The acquisition provides the fund with exposure to a distressed retail development opportunity in a prime South East location at a heavily discounted value”.
“Winchester is considered heavily under developed relative to its location and its dominant position in the South East retail hierarchy. The attractiveness of the City together with its excellent transport facilities is reflected in it being voted for several years running, the most desirable city to live in England. We are confident that we will be able to attract new high quality tenants to the scheme upon completion and are optimistic that we can maximise returns for our investors.”
