Sterling House Estates has bought the Westgate Island retail park in Gloucester from Salmon Harvester Developments for£4 million. It plans to refurbish and upgrade the 4,650 sq m late-1980s scheme. The transaction reflects an initial yield of 8 per cent.
The park occupies a 1.8 ha site on the fringe of Gloucester City Centre.
At present, retail tenants include Globus Office World, Majestic Wine and Hyper Value. Architect the Stanley Partnership has drawn up plans to create 650 sq m of offices and a 370 sq m restaurant on part of the site, as well as substantially upgrading and refurbishing the retail offer.
Edwards Hardwick & Partners acted for Sterling House Estates.