£30 million deal on new retail park
F&C Property Asset Management has forward funded Henry Boot Developments' 146,500 sq ft (13,610 sq m) Nova Scotia Retail Park at Blackburn in Lancashire. The park is to be anchored by an 110,000 sq ft (10,219 sq m) B&Q Warehouse, with other units pre-let to Comet, Pets at Home and Storey Carpets. The purchase price shows an initial yield of 6.5 per cent.
The development is on the edge of Blackburn, opposite the Townsmoor Retail Park, where retailers are to include Next, Sports World and Boots the Chemists. It is also next to the Peel Centre, which houses Asda, JJB Sports, Mothercare and Burger King. F&C Property head of out of town retail George Cotton said: 'This prominent park occupies a central location within a busy retail hub that will attract a steady stream of traffic.'
F&C Property, advised by FPD Savills, acted for RSA Life Pensions. GVA Grimley acted on behalf of Henry Boot Developments.
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