The Junction limited partnership, the specialist out-of-town fund run by Capital & Regional, has paid its rival Hercules Property Unit Trust£53 million for the Great Western Retail Park at Drumchapel, Glasgow.
The Great Western Retail Park is situated seven miles northwest of Glasgow city centre. It provides 178,500 sq ft (16,580 sq m) of retail warehouse space next to a Sainsbury’s superstore.
Occupiers include a B&Q Warehouse, with 100,000 sq ft (9,290 sq m) of retail space, Currys, ScS, Allied Carpets, Harveys, Comet, Carpetright and JJB Sports. The scheme is fully let, and rents are between 11.25 and £25 per sq ft (120 and £270 per sq m).
The Junction chief executive Andy Lewis-Pratt said: ‘Great Western Retail Park is a significant addition to our 3.5 million sq ft [325,000 sq m) destination retail park portfolio. The purchase reflects our intention to focus and enlarge our Junction portfolio with properties that dominate their retail catchment.’
Wilkinson Williams advised The Junction. Montagu Evans represented Hercules.
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