Rockspring buys in Taunton
Published: 13 January, 2015
Rockspring buys Orchard shopping centre in Taunton from RBS for £27.55m
Rockspring Property Investment Managers, on behalf of UK Value 2 LP, has completed the acquisition of Orchard shopping centre in Taunton from RBS for £27.55m, reflecting an initial yield of 6.65 per cent.
Orchard was refurbished and rebranded in 2009 and is the dominant retail destination in the heart of Taunton, comprising 144,037 sq ft of space with 60 retail units and eight residential units. It is currently leased to retailers including New Look, Waterstones, WHSmith, Superdrug, Santander UK and Ernest Jones, with a weighted average unexpired lease term of 5.03 years and ERV of almost £2.5m pa. Lettings to L’Occitane, Bill’s Restaurant and Anytime Fitness were recently concluded by RBS’ Restructuring team.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said: “The Orchard Shopping Centre is a prime scheme in a dominant regional town, making it a strong fit with our retail strategy. In addition, there is clear scope for us to generate further value from the property with the development potential for an extension to enhance the leisure facilities in the town centre.”
Rockspring was advised by KLM while Savills acted for RBS.