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A new development named Regent Circus in Swindon is to be purchased by UK Commercial Property Trust. Contracts have now been exchanged on the transaction, with a sale price of £40.5 million. The purchaser, UKCPT, is a large British investment trust dedicated to investments in UK commercial properties.
The site will have as its primary occupiers Morrisons supermarket and a six-screen Cineworld complex, and will have a total area of 97,000 square feet, 94% of which is pre-let. On the leisure-focused site there will be seven restaurant units available, leases on six of which have already been agreed, and which include the chains of Nando’s, Prezzo, Ask, Gourmet Burger Kitchen, Coal Grill and Bar and Jimmy’s World Grill.
The seller is the developer Ashfield Land, who have said that this acquisition represents their aim of pursuing assets that are desirable both in terms of yield and capital value. Commenting on the Regent Circus development, the company says that their goal was to ‘transform a neglected area of Swindon and provide the catalyst for further regeneration’. Ashfield Land claims that the price reflects the initial net yield, which is predicted as 4.86%, a ‘record for this property investment market cycle’, according to the company.
Morrisons is due to open in November this year, with the leisure aspect due for completion early next year. It is anticipated that the scheme will provide a rental income of around £2.1 million per year, with leases on average of a term of 20 years, with fixed rental increases being incorporated into the Cineworld lease. Completion of the sale and purchase transaction is set for November, to tie in with the opening of the Morrisons store.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.