Victoria Retail Park sold for £56.9m
The Crown Estate has bought Nottingham’s Victoria Retail Park from HSBC Specialist Investments, the bank's real estate equity arm. The property was sold for £56.9m at a net initial yield of 5.45 per cent.
The Park, which is near the suburb of Netherfield, comprises 180,000 sq ft of retail space.
It was bought by HSBC Specialist Investments for £40m from Hammerson a year ago. Since then it has completed lettings to Boots and Pets at Home.
James Cooksey, head of urban asset management at the Crown Estate, said the purchase “was absolutely in line with our strategy of investing in quality assets that combine a strong underlying income stream with asset management potential.”
Neville Paterson, director at HSBC Specialist Investments, added: “Now that further key tenants have been secured, the property’s future return profile is less suited to a value addition fund, and it was decided to capitalise on the buoyant investment market for this kind of asset.”
The Crown Estate, which comprises a portfolio worth more than £6.6bn, is a property service which makes investments on behalf of the sovereign.
CWM advised HSBC, and Wilkinson Williams advised the Crown Estate.
