AshbyCapital, the property investment advisory company, has purchased Abbotsinch Retail Park in Paisley from Hammerson for £67m on behalf of its group investment company.
The 265,000 sq ft retail park is fully let to 14 tenants including B&Q, Wren, ScS, Dunelm, Natuzzi, Tapi and Oak Furnitureland, with an on-site Frankie & Benny’s providing a restaurant offering for shoppers. The scheme also includes 1,098 car parking spaces.
Located approximately five miles south west of Glasgow, Abbotsinch Retail Park is the leading bulky goods retail park serving the Glasgow area. Located adjacent to the M8 motorway, the park benefits from a wide catchment area as well as traffic to Glasgow city centre, 10 minutes’ drive away.
The purchase follows AshbyCapital’s acquisition of Westside Retail Park in Guiseley, West Yorkshire from British Land earlier this year. Comprising 120,000 sq ft of prime retail space and over 500 parking spaces, Westside Retail Park is fully let to 13 retail and leisure tenants, including AsdaLiving, Next, Currys PC World and McDonalds. Marketed as Westside Shopping, the retail park is situated in a well-connected location in the popular commuter town of Guiseley, 8.5 miles north west of Leeds.
AshbyCapital has appointed Quadrant, the UK real estate asset management and development company, as asset manager for both retail parks, building on the successful partnership established at Morfa Shopping in Swansea, which AshbyCapital acquired in 2015. The collaboration has seen significant improvements and multiple new leases signed across both sites including, most recently, a new lease signed with Tapi at Westside Shopping.
Peter Ferrari, Chief Executive of AshbyCapital, said: “Well-located, well-managed and high-quality retail assets continue to be an attractive investment proposition. Despite negative headlines about the retail sector, people will continue to visit convenient destinations that offer a positive, family-oriented experience: Abbotsinch Retail Park and Westside Shopping fit those criteria and are excellent additions to our portfolio, offering a strong return and opportunities for further improvements. Building on our success at Morfa Shopping in Swansea, we look forward to continuing our partnership with the Quadrant team to fully realise the exciting potential of these retail sites.”
Brodies represented AshbyCapital; Dentons represented Hammerson.