Commercial property manager Orchard Street Investment Management has bought St David’s Retail Park in Bangor from UBS Global Asset Management for £14m.
This represents an initial yield of 7% for its UK Special Situations Fund.
The 70,000 sq ft centre is fully let and tenants include PC World, David Whelan and Matalan.
Barney Rowe, fund manager of the Special Situations Fund, said: “We are delighted to add St David’s Retail Park, Bangor, to the portfolio of the Orchard Street UK Special Situations Fund. This opportunity is a high quality combination of a good yielding asset, providing excellent potential for rental growth in the medium term, as well as for its attractive asset management possibilities. We remain confident that the retail warehouse sector is interesting in general terms and Orchard Street would invest further when the right situations arise.”
The retail park is the fifth acquisition for the fund, which has boughts assets including 60 Cannon Street in the City of London and retail parks in Clemsford and Bournemouth, making a total investment of £106m.
helen.roxburgh@estatesgazette.com
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