Hunter Real Estate Investment Managers (‘Hunter’) has completed the acquisition of three new retail assets in Bournemouth, Truro and Shrewsbury for a total of £10 million, as part of the firm’s UK Retail Unit Trust portfolio.
In Bournemouth, Hunter purchased 5-9 Commercial Road for £4.65 million. The retail units, which are situated in a popular location in the heart of Bournemouth’s shopping district, are currently let to O2 and Superdrug.
Hunter has also completed the acquisition of 1 Mardol Head/29-31 High Street in Shrewsbury for a total of £2.9 million. The five-storey building comprises a mix of both office and retail space, with the latter let to Joules, Phase Eight and Clinkard Shoes.
Finally, Hunter has acquired 5-8 St Nicholas Street, a parade of retail units in Truro. Purchased for £2.45 million, the assets are currently let to Co-op Bank and Card Factory.
The three acquisitions take total spend in the Hunter UK Retail Unit Trust to date, to over £70 million. Launched in the summer of 2015 and drawing on Hunter’s proven track record of investing in retail opportunities with significant asset management potential, the trust portfolio comprises assets across the UK, including in Edinburgh, Nottingham, Norwich, Ipswich, Chester and Bristol.
Commenting on the deals, Andrew Moffat, Fund Manager at Hunter, said:
“These acquisitions are very much in line with our proven strategy of investing in blocks of underutilised assets situated in desirable high street-led locations across the UK. Our ability to identify and invest in thriving town centres, which cater to affluent, upper quartile catchment areas, has enabled us to generate consistent returns, whilst ensuring we help to provide stability and support for the British high street.”
KLM Retail acted for Hunter in all three purchases.
