KLM advises Rockspring Property Investment Managers on the purchase of the Orchard Shopping Centre in Taunton from the Royal Bank of Scotland for £27.55m, a 6.65% yield.
The centre, which was refurbished and rebranded in 2009, was bought on behalf of Rockspring’s UK Value 2 fund as its sixth investment.
It comprises 144,037 sq ft of space with 60 retail units and eight residential units. It is currently leased to retailers including New Look, Waterstones, WHSmith, Superdrug, Santander UK and Ernest Jones, with a weighted average unexpired lease term of 5.03 years and rental value of almost £2.5m a year.
Lettings to L’Occitane, Bill’s Restaurant and Anytime Fitness were recently concluded by RBS’ restructuring team.Richard Bains, Rockspring partner and fund manager of the UK Value series, said: “The Orchards Shopping Centre is a prime scheme in a dominant regional town, making it a strong fit with our retail strategy”.
Mark Bennett, KLM Investment partner: “We are delighted to advise Rockspring on the purchase of this asset. KLM are retained as letting agents on the asset in order to help deliver a number of exciting asset management initiatives in the short to medium term”.
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