Roubaix Group Ltd, the niche property investment business run by Chris Beckerman, has acquired its second major UK retail asset with the purchase of Fareham Shopping Centre in Hampshire.
Roubaix is investing £54.5 mln (approx. €77.7 mln) in the deal which will see it purchase the centre from a private seller at an 8% yield.
Fareham Shopping Centre, which provides the prime, dominant retail destination in the town, comprises 458,619 ft² (approx. 42,607 m²) of retail, office and ancillary accommodation and anchor tenants include Marks & Spencer, Debenhams, Bhs, Next and Boots. It is served by two car parks which provide 1,010 spaces.
The centre was constructed in three phases and underwent a significant extension in 1986, and the third phase was completed in 2011 (to add the new Debenhams anchor store). There are approximately 100 leases currently in place, and the current net contracted income is £4.7 mln pa (approx. €6.7 mln pa). The Centre provides over 60% of Fareham’s total town centre retail floor space, estimated at 0.72 million ft² (approx. 66,890 m²).
Roubaix was represented by Coady Supple. The seller was advised by Savills.
Source: Roubaix Group Ltd