TransEuropean Property Limited Partnership II has bought the Abbey Gates Shopping Centre in Evesham for £8.6m from Greater Manchester Pension Fund. The deal reflects a net initial yield of 9.38%.
Abbey Gates provides 10,874 sq m (117,000 sq ft) and generates £845,963 pa. Tenants including Richards, Clinton Cards, Next and Dorothy Perkins account for 70% of the income and have leases with 16 years to run. If 11 empty shop units are let, the net initial yield could rise to 11%.
The centre links Bridge Street with Market Place in Evesham town centre and includes a 320-space car park.
Delemere Estates, which project manages Abbey Gates, acted for TransEuropean which is run by PRICOA Property Investment Management. ACR Gibbs Hales and Oliver Liggins acted for Greater Manchester Pension Fund.
EGi News 23/11/98
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