Wilkinson Williams

Wilkinson Williams advised LaSalle Investment Management in January 2009 on their acquisition of Silverlink Shopping Park in North Shields from Hercules Unit Trust. Following this, LaSalle asked us to approach Hercules Unit Trust on acquiring stakes in both Deepdale Shopping Park in Preston and Eastgate Retail Park in Bristol on behalf of HSBC Pension Fund. We enjoy a good relationship with both LaSalle and Hercules Unit Trust and were able to negotiate LaSalle purchasing a 50% stake and 49% stake in Deepdale Shopping Park and Eastgate Retail Park respectively.

Deepdale Shopping Park is Preston’s prime retail destination and comprises 234,640 sq ft of open A1 retail space let to occupiers including Toys ‘R’ Us, First Choice, Brantano, Hobbycraft, Marks & Spencer, JJB Sports, Argos, JD Sports, River Island, New Look, Next and WH Smith. The park was bought for a base price of £54 million with top ups following the settlement of the outstanding rent reviews to give a total purchase price of £57.38 million, reflecting a net initial yield of 7.01%.

Eastgate Retail Park was purchased for a base price of £17.3 million, reflecting a net initial yield of 7.3%, although following the settlement of the outstanding rent reviews, this could increase to give a maximum purchase price of £18.97 million, reflecting a net initial yield of 7.41%. The park was developed in 1987 and was later redeveloped in 2004 to provide 10 units arranged in 2 adjoining terraces. Tenants include SCS, Boots, Halfords, Pets At Home, Next, Mamas & Papas and Burger King.