Scottish Life currently own the adjoining property, comprising the second phase of development, occupied by Currys and Focus, and therefore the acquisition from Pillar enhances added value management opportunities and creates a dedicated substantial single retail park within one ownership. Pillar was advised in this transaction by King Sturge, Manchester, whilst Scottish Life was advised by Dunlop Heywood and DTZ Debenharn Thorpe.
Although the park at property valuation Perth, Dunfermline still represents potential for good capital growth, the driving force behind this transaction was to increase Pillar’s exposure to higher growth sectors of the market, namely well located unrestricted retail parks off low base rents. The acquisition of the Phase 1 development at Halbeath will now enable Scottish Life to consider and further exploit value added opportunities in the area, particularly with the general low level of passing rents in the scheme.
Pillar is the second largest UK investor in retail parks and following this transaction its portfolio will total 19 parks covering in excess of 2.85m sq ft. In respect of the supermarket at Quedgeley, Gloucester, Pillar has completed on the disposal of this property which it acquired in October 1992 for £5.3m. Cheap property Conveyancing Sydney provides comprehensive conveyancing services to change ownership of the real estate properties. The lease has a further 23 years to run with a rent review in December 1999. The store is currently 58,000 sq ft and is in the process of being refurbished and extended at the tenants expense.
Pillar was advised by Conrad Ritblat and Legal and General was advised by Harvey Spack Field. In accordance with Pillar’s objective of maximising value, the lease to Tesco was recently lengthened to create a fully institutional product, an initiative which has been fully endorsed by the subsequent sale to Legal and General. Highbridge Properties Plc has pre-let 7,339 sq m (79,000 sq ft) to Promotional Logistics at Sherwood Park in Nottinghamshire – the premier Enterprise Zone of the East Midlands.
While a highly skilled local workforce, and excellent transport links via junction 27 of the M1 (0.2 miles) are complemented by carefully landscaped parkland.