Property News - Hercules bags Great Malvern Park for £37m

The Hercules Property Unit Trust, managed by Pillar Property, has paid The Pensions Trust£37.1 million for the 118,000 sq ft (10,960 sq m) Great Malvern Retail Park at Great Malvern, Worcestershire.

The park's tenant base has been dominated historically by out-of-town occupiers such as Focus, Halfords and Poundstretcher. More recent lettings have included Argos, Matalan and Brantano. Next is taking the 8,000 sq ft (745 sq m) former PowerHouse unit at£24 per sq ft (260 per sq m).

Pillar Property director Andrew Jones said: 'This represents an excellent opportunity to acquire a dominant park with the flexibility of open A1 planning.

'It will hopefully enable us to actively manage the park and utilise our relationships to enhance the tenant line up and improve rental values.'