Shopping Centre

Rotherham scheme pre-sold

Published:  10 May, 2016

Helical Retail pre-funds £36.3m Cortonwood shopping park with Aberdeen Asset Management

Helical Retail has funded its Cortonwood shopping park, near Rotherham, to clients of Aberdeen Asset Management for £36.3m, showing the buyer a yield of 5.5 per cent. Over 95 per cent of the 80,000-sq ft scheme was pre-let ‘off plan’ to Outfit, H&M, New Look, River Island, Marks & Spencer Simply Food, C&J Clark, JD Sports, Wilko, Poundland and a Frankie & Benny’s restaurant. The project benefits from an open A1 non-food planning consent with a relaxation for the M&S food sales. Construction work started on 9 May with completion due in June 2017.

Jonathan Cox, managing director of Helical Retail, said: “This is one of only a very few funding deals in the market at present. The pre-lettings of 10 out of the proposed 11 units to some of the strongest fashion retailers in this sector will arguably create one of the best shopping parks available in recent times.”

Edgerley Simpson Howe acted for Helical Retail on both the lettings and funding. Aberdeen Asset Management was advised by CWM.