Helical Bar buys Corby town centre
Published: 21 October, 2011
Helical Bar has bought Corby town centre from Land Securities in a £70m deal, reflecting an initial yield of 8 per cent
The 25 acre freehold interest comprises Willow Place, a new 175,000-sq ft shopping centre completed in 2007 and anchored by Primark and TK Maxx; 290,000 sq ft in Corporation Street and the surrounding areas which made up the original Corby shopping centre with Iceland, Poundland, Peacocks and Wilkinsons as principal tenants; the Oasis Retail Park, with 35,000 sq ft let to Argos, Dream, Farmfoods and Home Bargains as well as a number of ancillary buildings and development land.
Helical plans a number of asset management initiatives including the continued leasing of vacant space (currently at 7.5% by ERV) where seven new leases have been agreed in the last three months; the conversion of a block to A3 use to create a leisure hub where planning applications have already been lodged for a new cinema and hotel; the extension of the Willow Place mall once a pre-let has been secured and the conversion of vacant upper parts to residential, subject to planning.
Helical's investment director, Duncan Walker, said: "Corby is a strong town with a fast growing population and its retail offer dominates the catchment area. The assets we have acquired generate a strong cashflow and offer the potential to enhance value through an active programme of asset management.”
CBRE acted for Helical and Savills acted for Land Securities.
