Bourne End Properties has bought the Hart Shopping Centre in Fleet, Hampshire, from Frogmore Investments for £18.65m, reflecting an initial yield of 8.6%
The developer is paying £17.55m cash for the 13,006 sq m (140,000 sq ft) centre with the balance met through a £1.1m share issue. The scheme is anchored by a 2,671 sq m (28,750 sq ft) Waitrose and generates a total rental income of £1.67m pa. There are seven vacant ground floor units totalling around 929 sq m (10,000 sq ft).
Bourne End has now bought three shopping centres this year, spending £36.75m. Franc Warwick acted for Bourne End and Nelson Bakewell represented Frogmore.
EGi News 16/03/98
