Lunson Mitchenall’s investment team has advised on several transactions totalling just under £25m over recent months, including the sales of schemes in Hemel Hempstead and Henley, as well as the acquisition of the Grange& Pyramids in Birkenhead.
John Griffin, head of the investment team and managing director, commented: ‘’Investors recognise the appeal of the retail and leisure market, a sector that has seen huge rental and capital value repricing over the last few years.
“Investors are conscious that rents have been virtually all rebased to sustainable levels and the yields on offer represent good value against other sectors. Additionally, the robust trading figures and occupational market have further bolstered investor confidence and conviction in transactional activities.”
Gardiner Place in Henley was sold to a private property company, which was represented by Burlington Green, on behalf of Catalyst Capital for c £5m (7.1% NIY). The mixed-use scheme offers over 28,000sq ft of retail, leisure, F&B as well as residential above.
On behalf of Wirral Borough Council, the team also advised on the acquisition of the Grange & Pyramids Shopping Centre, Birkenhead. The dominant town centre scheme forms a central part of the council’s redevelopment and regeneration plans and comprises 586,000 sq ft. With the help of Lunson Mitchenall, the scheme was secured for £10m, reflecting a capital value of £18 per sq ft. Knight Frank acted for the vendors, Mars Pension Fund
The successful disposal of the Riverside Shopping Centre, Hemel Hempstead, on behalf of long-standing clients of Lunson Mitchenall, Abrdn completed the trio of deals. DS Real Estate, represented by Savills and Lewis & Partners, purchased the 278,000 sq ft scheme for £8m and are understood to be converting the former Debenhams to residential use.
Guy Harrison, equity director in the investment team said: “It has been our pleasure to facilitate these varied transactions for our clients. Our ability to work alongside a broad range of clients from institutional investors to local councils is testament to Lunson Mitchenall’s deep industry knowledge. These three deals are prime examples of our commitment to delivering exceptional results and fostering enduring partnerships in the ever-evolving real estate landscape.”
Lunson Mitchenall is one of the UK’s leading niche retail and leisure agencies. With 28 dedicated property professionals across leasing, investment, and lease advisory, LM operate at the coal face of the retail property market.