Alteris bags Vicar Lane, Chesterfield.
The Joint Fixed Charge Receivers on behalf of Landmaster Properties have sold Vicar Lane, which occupies the prime retail pitch in Chesterfield. The leasehold centre has been purchased by fund manager Alteris Partners for a price of £21.15m, representing a net intial yield of 10.7%.
The purpose built, open-air scheme, provides 216,400 sq ft of retail space, within four distinct blocks surrounding Vicar Lane, Steeplegate and part of Church Lane with 33 retail units and four MSUs in total.
Tenants include River Island, Carphone Warehouse, JD Sports, New Look, Superdrug, Deichmann, Waterstones, CEX, O2, 3 Store and Holland & Barrett. The 400-space, nine-level multi-storey is landlord-owned and operated.
Coady Supple advised the receivers in this complex transaction, which involved negotiating changes to the headlease with the local authority.