Hunter Real Estate Investment Managers has acquired The Spires Shopping Centre in High Barnet from The Pears Group, for an undisclosed price representing a net initial yield of 6 per cent. The acquisition was made on behalf of a North American institutional investor.
The Spires is a prime 90,000 sq ft retail destination at the heart of Barnet – one of the largest, fastest growing and most affluent Boroughs in London. The centre comprises 37 units anchored by Waitrose, with other occupiers including New Look, Body Shop, Waterstones, Carluccio’s and Costa.
It has recently benefitted from the refurbishment of the high street entrance, involving the addition of a double height atrium, designed by Leslie Jones Architecture, featuring rendered finishes and new signage.
Commenting on the acquisition, Fund Manager Andrew Moffat said: “This is our fourth UK acquisition with this North American investor client and our first retail investment for them.
“We have a strong track record in investing and enhancing high street assets across the UK and Europe in order to deliver strong returns for our investors. We will be putting our proactive management approach in place to maximise The Spires’ considerable potential.”
He continued to say that Hunter will be investing up to £7 million in further improvements to the centre, to create a tenant mix to meet local needs, and that a public consultation will begin in due course.
Jonathan Rose, Group Managing Director of The Pears Group, added: “We completed our business plan which included a major upgrade of the centre, enabling a letting to Carluccio.”
Reader Ness, Edinburgh and Ktchen La Frenais Morgan advised Hunter while Lewis & Partners advised The Pears Group.
Previous Post
Hammerson upbeat despite Profit dip
No related posts found for this post.
