Helical Bar Acquires Corby Town Centre For £70m
London, 21 October 2011 – CBRE, on behalf of Helical Bar plc, has completed the freehold acquisition of Corby Town Centre from Land Securities for approximately £70 million. The price reflects a net yield of circa 8.00%.
The retailing area is comprised of the newly constructed 175,000 sq ft Willow Place shopping centre, The Oasis Retail Park, New Post Office Square, and the traditional town centre retail pitch of Corporation Street and Queen’s Square.
The scheme, which is comprised of close to 150 retail units, is the key shopping destination of the local area for fashion and convenience stores and benefits from a strong tenant mix, including Primark, H&M, River Island, New Look, and Peacocks, alongside an ancillary value and convenience offer of Iceland, Wilkinson, Boots and Lloyds TSB.
Tim Williams, Director, Retail - Capital Markets, CBRE, commented:
“This transaction represents an excellent deal in challenging market conditions. Corby has seen circa £500 million of investment in the last 10 years, including a new rail link to London, the development of Willow Place shopping centre, new civic facilities and numerous residential development projects.
“Corby Town Centre dominates the retail offer for the catchment area and continues to see year-on-year footfall growth as a result of the strong retail mix. The acquisition comprises 25 acres, virtually the entire town centre, and offers numerous asset management and development opportunities together with the secure income profile that leading brands such as Primark, River Island, New Look and H&M all bring.”