It has been a bumper start to 2017 for Waypoint Asset Management. We have invested a total of £28m on behalf of institutional and private clients, including three neighbourhood retail schemes acquired for a client for £13.25m.
Forestdale Shopping Centre in Addington, Croydon, was purchased from an institutional investor for £4.85m, to reflect a net initial yield of 6.33%. The busy neighbourhood shopping scheme comprises 10 shops, a Co-op convenience store, a pub and 10 flats.
Oxley Park, Milton Keynes, a modern purpose-built neighbourhood scheme, was acquired in an off-market deal from a consortium of private investors for £4.3m, providing a 7.13% net initial yield. Located within a housing development, the scheme is anchored by Tesco Express alongside 13 other retail units.
Dolphin Square in Tring, Herefordshire, is an open neighbourhood arcade anchored by a Marks & Spencer Simply Food. It has 17 other retailers including Specsavers and McColl’s, and was acquired from an institutional investor for £4.1m, reflecting a net initial yield of 8.13%.
All three schemes provide asset management opportunities that will add value to the properties, including improvement of the tenant mix and potential for future development.
Nick Gregory, director of Waypoint Asset Management, said: “We’ve had a very buoyant start to the year with £28 million invested in retail assets on behalf of clients. The three neighbourhood schemes will add great value to our client’s existing portfolio and will extend their already impressive network of local retail centres across the country.”