HDD sells two retail and leisure schemes
Henry Davidson Developments (HDD), has announced the sale of two mixed-use developments with a combined value set to reach £19m.
East Gate, a leisure-led development occupying five acres in the centre of Llanelli, has been sold to the Ignis UK Property Fund for an initial payment of £14 million, with further payments due upon the letting of the remaining vacant units, which reflects an initial yield of 7.41%. East Gate totals some 95,000 sq ft of leisure, retail and office accommodation. Developed in conjunction with Carmarthenshire County Council, the scheme received planning permission in July 2010, and was constructed in phases until full completion in January 2013.
East Gate’s occupiers include Odeon (five-screen multiplex), Travelodge (53-bed hotel) and 22,000 sq ft of restaurant accommodation, with outlets such as Nando’s and Greene King. The scheme also provides 21,000 sq ft of office space for Carmarthenshire County Council. BNP Paribas Real Estate advised the Ignis UK Property Fund on this transaction.
HDD has also sold Tranmere Court Neighbourhood Centre, in Birkenhead on the Wirral, to Local Retail Fund for £1.85 million. Completed in 2012, the scheme comprises a Co-operative convenience store and 7 retail units whose occupiers include a mix of national and local retailers. Waypoint Asset Management advised Local Retail Fund on this acquisition.
Scott Davidson, Managing Director of Henry Davidson Developments, said:
“These sales underscore the success of our approach to development. The schemes carefully match residents’ needs with appropriate retail offerings, and as a result both are enjoying high footfall, which is again reflected in the lettings. We are delighted with their sale.”
“East Gate and Tranmere Court showcase the variety of our work. While our specialism is retail-led development, we are equally skilled in making both larger and smaller projects successful. ”