Local Parade Investments LLP (LPI), a joint venture between the Local Shopping REIT plc and Pramerica Real Estate Investors, the real estate investment management business of Prudential Financial Inc., has purchased Ellendune Shopping Centre, Wroughton, just outside Swindon, for £1,013,000 reflecting a net initial yield of 9%.
The shopping parade forms the heart of Wroughton village, and comprises a parade of 8 retail units let to local tenants including takeaway restaurants, a hairdressers and a charity shop, with four flats above.
LPI were advised in the purchase by Alder King. Mark Rothwell head of Investment at Alder King, said ‘The joint venture between the Local Shopping REIT and Pramerica is specifically looking to acquire local shopping parades and centres where there are asset management opportunities. Ellendune Shopping Centre fits their requirement as there is potential to re gear the existing leases and enhance the income stream through updating and letting one of the vacant flats.’
Hartnell Taylor Cook acted for the vendor, The Co Operative Group.
Prudential Financial Inc. is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.
