Thursday, October 20, 2016

News: Rotherham retail park up for sale - reports

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The Foundry Retail Park in Rotherham has been put up for sale by its fund manager owners according to a report in a national property magazine.

Formerly known as the Great Eastern Retail Park at Parkgate, the 170,748 sq ft retail development with 813 car parking spaces, is home to The Range, Harveys, DFS, Wren Kitchens and B&M.

The site was bought in 2012 by a specialist joint venture partnership of Brockton Capital and Pradera in a deal worth around £22.1m. The partnership was established to selectively acquire a portfolio of retail parks throughout the UK and jointly committed sufficient equity to enable a gross portfolio value of approximately £250m to be acquired.

The joint venture with Pradera's retail warehouse team aimed to reposition out-of-town parks for the next generation of convenience-led consumer and within 36 months of being established in 2011, it had acquired around £300m of parks in towns from Cardiff to Warrington to Bangor to Milton Keynes and elsewhere.

Now Property Week is reporting that Brockton Capital has appointed JLL to market the portfolio which includes nine regionally located assets.

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The UBS Triton Property Fund, who bought the retail park in 2006, refurbished the properties in 2010. At the time of the sale to Brockton, The Foundry had an annual rental income of £1.7m and the purchase reflected a net initial yield of around 9.25%.

Further refurbishment work has taken place and recent openings include Oak Furniture Land, JYSK and United Carpets. Plans have been approved for American coffee company and coffeehouse chain, Starbucks to open a purpose built outlet in the park. United Carpets are also set to expand, enabling co-operative company, AHF Furniture to move in.

3.2 acres on the site has potential for further retail and leisure development and there's the prospect of a new mainline station being built next door.

In 2015, BMO Real Estate Partners (BMO) acquired the nearby Parkgate Shopping, which is one of the largest retail parks in the UK and home to over 40 shops, in a transaction worth around £175m.

Brockton Capital website

Images: GVA


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