Retail Property - UBS's Triton buys Packhorse at Huddersfield

UBS's Triton Property Fund has bought the 90,000 sq ft (8,360 sq m) Packhorse Centre at Huddersfield from Chester Properties and Cargill Investments for£21 million, reflecting a net initial yield of 7.4 per cent.

The centre is anchored by Argos, with other tenants including Phones 4 U, Birthdays, Carphone Warehouse, Warren James, Dillons, Greenwoods and Stead & Simpson.

The total annual rent roll for the shopping centre is£1.5 million.

Chester Properties director Tom Tyler said: 'Through a carefully coordinated asset management and management programme we have substantially enhanced the performance of this shopping centre.'

Franc Warwick represented Chester Properties and Capital Retail advised UBS.