British Land buys in Barnstaple
Published: 15 February, 2011
British Land has bought the Green Lanes shopping centre in Barnstaple for £30m at a net initial yield of over 8 per cent
Green Lanes is one of north Devon’s principal shopping locations, providing 131,000 sq ft of retail space and attracting nearly 5.5m visitors to the scheme each year.
It is virtually fully let with 99 per cent occupancy and has 42 retail units. The centre is anchored by Bhs and Wilkinson with other key tenants including Top Shop/Top Man, Peacocks, New Look, Mothercare, Monsoon, M&Co and La Senza. Zone A rents range from £50 to £80 per square foot.
Green Lanes is the second shopping centre acquired by British Land in the last three months, and follows the £240m purchase of Drake Circus, a 570,000-sq ft shopping centre in Plymouth. It expands British Land’s shopping centre portfolio to 12 and brings the total retail acquisitions made by the group since March 2010 to £340m.
Charles Maudsley, head of retail at British Land, said: “This transaction provides a highly attractive income return supported by sustainable rental levels. Green Lanes more than meets our criteria of what makes a strong retail asset – dominance of the local area; extensive catchment; accessibility for shoppers; affordable rents; and attractive unit configurations.”
