Wilkinson Williams

Press Release

Silver found in Newcastle

HSBC, a client fund of LaSalle Investment Management, has acquired Silverlink Shopping Park in North Shields from Hercules Unit Trust for an initial price of £81.8 million, reflecting a net initial yield of 6.85%. HSBC will pay an additional sum on the settlement of the outstanding rent reviews, taking the purchase price to £91.9 million, which reflects a net initial yield of 7.12% and an equivalent yield of 7.25%. The premier out of town shopping park in Newcastle is let to occupiers including Marks & Spencer, Next, Sports World, Boots, New Look, Argos, Arcadia, JD and River Island at a low average rent of £28.00 per sq ft, whilst the most recent lettings on the scheme are at £42.00 per sq ft. The scheme benefits from a flexible open A1 food and non food planning consent and benefits from an average weekly car count of circa 60,000 vehicles.

Wilkinson Williams acted for LaSalle.

For further information please contact Drew Moore

d.moore@wilkinsonwilliams.co.uk