Orchard Street buys in Bangor
Published: 05 January, 2011
Orchard Street Investment Management has bought the St David’s Retail Park, Bangor for £14m reflecting an initial yield of 7 per cent
The St David’s Retail Park in Bangor was constructed in 2002, is fully let and tenants include PC World, David Whelan and Matalan. It totals 70,000 sq ft and has an Open A1 non-food planning consent.
This is the fifth acquisition for Orchard Street’s UK Special Situations Fund, making a total investment of £106m to date. The Fund also owns retail parks in Chelmsford and Bournemouth and a shopping centre in Southend, and there are additional funds available for investment.
Barney Rowe, partner at Orchard Street and fund manager of the Special Situations Fund, said: “This opportunity is a high quality combination of a good yielding asset, providing excellent potential for rental growth in the medium term, as well as for its attractive asset management possibilities.”
