Capital&RegionalProp - Acquisition Completed
December 21 1999 - 8:00AM
UK Regulatory
RNS Number:8787C
Capital & Regional Properties PLC
21 December 1999
CAPITAL AND REGIONAL ACQUIRES ST ANDREW'S QUAY RETAIL AND
LEISURE PARK, HULL FOR #24M
Capital and Regional Properties plc, the specialist retail and
leisure property company, today announces that it has completed
the purchase of St Andrew's Quay Retail and Leisure Park, Hull
from Associated British Ports Holdings PLC (ABP) and Grosvenor
Waterside Group PLC for #24 million. The acquisition is being
financed partly by debt from Barclays Bank through existing
facility arrangements and the balance by cash.
The 75 acre site is prominently located half a mile to the west
of Hull City Centre. It has a 1.25 mile frontage to the A63
linking directly to the M62.
The existing retail element comprises some 200,000 sq ft and is
let to Focus DIY, Halfords, Shoe City, Comet, Dixons,
Carpetworld and Miller Bros. This also includes a Makro store,
fast food outlet, petrol station and a family pub, which are all
let on long ground leases. The existing leisure element
comprises 78,600 sq ft, which is let to UCI Cinema, a Garfunkels
Restaurant and an Allied Leisure Bowl. Upon acquisition, the
passing rental income is #1.23 million per annum.
The undeveloped land comprises 38.7 acres. 5.9 acres has
planning consent for 75,000 sq ft additional retail space and
15.3 acres has consent for 150,000 sq ft of leisure. The
remaining 17.5 acres has consent for employment use.
Construction of the 75,000 sq ft retail space will commence in
January 2000 and an Agreement for Lease has already been
exchanged with DFS for a new 20,000 sq ft unit, at a rent of #12
per sq ft. This is compared to an average passing rent of #6.80
per sq ft.
Commenting on the acquisition, Andrew Lewis-Pratt, Executive
Director of Capital and Regional said:
'This 75 acre project for both retail and leisure represents a
rare opportunity to create a premier retail park. We are
delighted to add this to our portfolio and it offers enormous
potential to add value through our energetic management
approach.'
Capital and Regional was represented by Harvey Spack Field and
ABP and Grosvenor Waterside by Healey & Baker.
For further information please contact:
Andrew Lewis-Pratt, Executive Director - 020 7932 8000
Sarah Carrell, Corporate Communications - 020 7932 8000
Capital and Regional Properties plc
END
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