Chippenham’s Borough Parade shopping mall, which has brought retailers such as Waitrose and Argos to the town, has been sold for £16.3m.
The 82,000 sq ft retail centre has been bought by London-based property investment firm Development Securities from joint owners Clearbell Capital and Tristan Capital Partners.
Borough Parade, which is anchored by Waitrose and New Look stories, is fully let with retailers such as Waterstones, Argos and Café Nero. It boasts a higher-than-average footfall, averaging around 55,000 visitors per week.
Clearbell Capital and Tristan Capital Partners have invested heavily in the mall, which links to Chippenham High Street, with new signage and branding.
Clearbell asset management director Dominic Moore said: “It’s always pleasing to see the positive impact of hard-working asset management. We’ve been able to make some big changes at Borough Parade which not only improved the shopping centre but the town of Chippenham more generally. At the same time we have successfully raised the value of the asset, and this sale represents an important move in the selling down of this attractive portfolio.”
Tristan Capital Partners director portfolio and asset management Jeremy Bullock added: “The pick-up in UK retail values, which has spread to the secondary markets as the broader economic recovery has gathered momentum, along with the added value of significant asset management improvements, provided an opportune time to sell as we had comfortably achieved our return targets.”
Development Securities has also snapped up a golf driving range on a 22-adre site in Sidcup, South East London, for £2.3m.
Director Matthew Weiner 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.”
JLL acted for Clearbell and Tristan Capital Partners while Fawcett Mead advised Development Securities.