Development Securities acquires two investment assets for £18.6 million
In Chippenham, an affluent market town 30 miles from Bristol, Development Securities has acquired Borough Parade, a popular local shopping centre anchored by Waitrose and New Look for £16.3 million at a 7.0 per cent yield. The 82,000 sq. ft. shopping centre was acquired from joint owners, Clearbell Capital and Tristan Capital Partners, and is fully let to a range of national multiples including Waterstones, Argos and Café Nero.
In Sidcup, South East of London, contracts have been exchanged to acquire the 82-year leasehold interest in a 22-acre site for £2.3 million at a 7.25 per cent yield. The site is occupied by World of Golf, a golf driving range operator, on a twenty year lease. The site presents several redevelopment options in the medium to long-term.
Matthew Weiner, Director, Development Securities PLC said: "Both of these acquisitions have allowed us to recycle equity into investment assets that offer stable long-term income streams. The Chippenham shopping centre complement our existing portfolio of food store-anchored retail schemes and is well-placed to benefit from an improving retail market, being located within an affluent catchment area and offering a mix of strong retail brands. The golf driving range in Sidcup offers an alternative investment opportunity with solid long-term income prospects and some redevelopment optionality."