Evolve buys Merseyside mall
Evolve Estates has bought Central Square shopping centre in Maghull, Merseyside from Maghull Properties for £12m – an 8.25% yield. The 53,316 sq ft centre has 44 shops and an annual rent roll of £1m. Savills advised Evolve Estates; CBRE acted for Maghull Properties.
L&G scores with school deal
Legal & General has bought a primary school in Tottenham, N17, from Tottenham Hotspur football club for £11m – a 4.02% yield. It purchased Brook House primary school on behalf of its LPI Income Property Fund. Doherty Baines advised Legal & General; Lambert Smith Hampton acted for Tottenham Hotspur.
Aldgate purchase for Derwent
Derwent London has bought the 255,000 sq ft Aldgate Union, E1, from Royal Bank of Scotland for £132m. The building will be acquired with vacant possession in December 2015. The deal follows the collapse of talks between Chenavari and Artesian to buy the building earlier this year. DTZ advised RBS; BNP Paribas Real Estate acted for Derwent.
Orchard shoots for park
LaSalle Investment Management has sold Snipe retail park in Manchester to Orchard Street Investments for £60m – 6.75% yield. The 220,000 sq ft park is anchored by B&Q. Wilkinson Williams advised LaSalle; Savills acted for Orchard Street.
Warehouses buy for NewRiver
NewRiver Retail has confirmed the purchase of 13 retail sites from Morrisons for £69m – an 8% yield. The package comprises nine retail parks and four development sites, each with approved planning consents. It totals 462,926 sq ft of lettable space let to 36 occupiers. Cushman & Wakefield and Colliers International advised Morrisons; NewRiver was unrepresented.
