AshbyCapital, the property investment advisory company, has purchased Abbotsinch retail park near Glasgow, from Hammerson for £67 mln (€74 mln) on behalf of its group investment company.
Located in Paisley, the 265,000 sq ft (25,000 m2) retail park is fully let to 14 tenants including B&Q, Wren, ScS, Dunelm, Natuzzi, Tapi and Oak Furnitureland, with an on-site Frankie & Benny’s providing a restaurant offering for shoppers. The scheme also includes 1,098 car parking spaces.
The purchase follows AshbyCapital’s acquisition of Westside Retail Park in Guiseley, West Yorkshire from British Land earlier this year. Comprising 120,000 sq ft of prime retail space and over 500 parking spaces, Westside Retail Park is fully let to 13 retail and leisure tenants, including AsdaLiving, Next, Currys PC World and McDonalds.
AshbyCapital has appointed Quadrant as asset manager for both retail parks, building on the successful partnership established at Morfa Shopping in Swansea, which AshbyCapital acquired in 2015.
Peter Ferrari, chief executive of AshbyCapital, said: 'Well-located, well-managed and high-quality retail assets continue to be an attractive investment proposition. Despite negative headlines about the retail sector, people will continue to visit convenient destinations that offer a positive, family-oriented experience.'
Brodies represented AshbyCapital; Dentons represented Hammerson.
