Thursday, September 07, 2023
Terrace Hill sell two prime retail parks for £28m
Terrace Hill has sold two prime retail park developments to Morley Pooled Pensions Ltd for a combined total of £28.0m in cash. The pre-sale of Gala Water Retail Park at Galashiels (43,500 sq ft) and the Blyth Valley Retail Park at Blyth in Northumberland (61,000 sq ft), both which were due to be completed in the summer of 2007, provides Terrace Hill with yields of 4.75 per cent. and 5.15 per cent respectively.
Both parks are almost fully pre-let. Marks and Spencer plc, Next plc and New Look are amongst the tenants at Gala Water, while a 35,000 sq ft let to Homebase anchors Blyth Valley. Other occupiers at Blyth include Storey Carpets, Bedshed and a KFC drive-in. It is estimated that up to 500 new and sustainable jobs will be created at the two parks.
Managing Director Philip Leech said: "Both Galashiels and Blyth have proved popular locations as highlighted by the number of prestigious pre-lets secured. The sale of these parks, ahead of completion and at yields above expectations, further emphasises our ability to recognise lucrative opportunities, expanding both the Terrace Hill brand and its growing reputation as a leading UK property development and investment group."
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Both parks are almost fully pre-let. Marks and Spencer plc, Next plc and New Look are amongst the tenants at Gala Water, while a 35,000 sq ft let to Homebase anchors Blyth Valley. Other occupiers at Blyth include Storey Carpets, Bedshed and a KFC drive-in. It is estimated that up to 500 new and sustainable jobs will be created at the two parks.
Managing Director Philip Leech said: "Both Galashiels and Blyth have proved popular locations as highlighted by the number of prestigious pre-lets secured. The sale of these parks, ahead of completion and at yields above expectations, further emphasises our ability to recognise lucrative opportunities, expanding both the Terrace Hill brand and its growing reputation as a leading UK property development and investment group."
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The new Property Executive business directory has just been launched. To add a free listing for your company click here.
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