Allied London Properties (ALP) has emerged as the purchaser of the Market Walk shopping centre in Newton Abbot, Devon, for £10.5m. The deal represents an initial yield of 9.5%.
ALP bought out three interests in the 8,361 sq m (90,000 sq ft) centre from Standard Life, Taylor Woodrow and Capital & Regional Properties.
Michael Ingall, Group Property Director of Allied London, said: “We are pleased with this purchase which is our fifth shopping centre in the last year. We are keen to continue this expansion of our retail investment and trading portfolio from existing cash resources.”
Standard Life held a long leasehold interest in the shopping centre, Taylor Woodrow had a 115 year underlease and Capital & Regional Properties held the freehold of Market Walk.
Tenants in the centre include New Look, Adams, C&J Clark, Burton, Body Shop and Somerfield.
Steve Anderson, Teignbridge District Council’s director of planning and environment, welcomed the purchase: “We have endured the difficulties associated with getting the various owners of Market Walk to work together. At last an opportunity for progress has been created.”
Strutt & Parker acted for Standard Life. Hillier Parker acted for Taylor Woodrow. Jackson Criss and Peter Tomlinson Associates are letting agents on Market Walk.
EGi News 24/09/97
