LGP acquires Broadway Shopping Centre in Maidstone
Legal & General Property (LGP), on behalf of its Linked Pensions Fund, has purchased Broadway Shopping Centre in Maidstone from CBRE Global Investors for GBP9.45m, reflecting a net initial yield of 7.7 per cent.
Occupying 2.9 acres, the property comprises two large retail warehouse units and seven shops, totalling 79,653 sq ft, as well as 384 car parking spaces arranged over two decks. Situated in a prominent location to the west of the town centre, the edge-of-town retail warehouse scheme fronts Broadway, the main road leading from the centre of town that links with the London Road (A20). It is anchored by Lidl and Matalan, whose leases expire in 2020.
Adjoining the scheme to the north is one of the principal retail warehouse locations in the town, with occupiers including TK Maxx, Asda Living, Hobbycraft, Wickes and a former Homebase unit which is now prelet to The Range. To the south of the Broadway is a B&Q and close to this is the modern Locks Meadow Leisure Park with occupiers including Odeon, David Lloyd, Burger King and Frankie & Benny’s.
Will Edwards, fund manager at Legal & General Property, says: “The acquisition of this well located multi-let retail warehouse park provides the Fund with an attractive income return and the opportunity to derive additional value from asset management initiatives over the medium to long term.”
GCW acted for CBRE Global Investors and LGP was advised by Wilkinson Williams.