Westhill shopping centre bought for £9m

  Invista Real Estate Investment Management, on behalf of its client, St James’s Place Property Unit Trust, has acquired Westhill shopping centre in Aberdeen from Gladedale Capital for £9.25m – a 7.2% a net initial yield.   The Marks & Spencer-anchored 48,800 sq ft shopping centre is set in a 6.53-acre site.   It comprises 24 ground floor shops and six office suites above.    Approximately 34% of the rent is secured to Marks & Spencer until October 2021, with a fixed rental uplift in October 2011 taking the share to around 40%.   A further 15% is secured to RBS, Co-Op and Aberdeen council, contributing towards a weighted unexpired lease term of approximately 9.25 years.   The shopping centre has planning consent for a further seven new shops totalling circa 32,000 sq ft.   Nick Montgomery, head of UK funds at Invista, said: “The acquisition has strong fundamentals with a wealthy catchment and limited competition.   “The low base rents offer capacity for growth with the potential to improve and develop the site.”   NB Real Estate advised Invista; GTI Property Consulting represented Gladedale Capital.   annabel.dixon@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.