RETAIL PROPERTY - Aberdeen hands £50m to Crest's Hemel scheme

Aberdeen Property Investors has agreed a£50 million funding package for the commercial element of Crest Nicholson's mixed-use Riverside development at Hemel Hempstead, reflecting a net initial yield of 6.85 per cent.

Riverside will form a 385,000 sq ft (35,765 sq m) extension to Hemel Hempstead town centre. When completed, the commercial element will include 285,855 sq ft (26,555 sq m) of integrated retail, leisure and hotel accommodation, as well as 355 parking spaces. More than 70 per cent of the retail space is pre-let, with Next, HMV, Premier Lodge and Starbucks joining anchor tenant Debenhams.

Work started last December, and the scheme is scheduled to open next autumn.