Topland has demonstrated its intention to increase its holdings in regional shopping centres with a second acquisition in this sector.
Topland led by Sol Zakay, has acquired St Marks Place Shopping Centre, Newark off market from The Oakgate Group PLC by way of a corporate acquisition which completed 30th April. Topland demonstrated its ability to act quickly by completing the purchase in less than 4 weeks from receipt of legal pack. The purchase price was not disclosed.
Newark-on-Trent is an affluent and attractive ‘Waitrose’ market town, with a low retail vacancy rate. The open air scheme is located in the town centre off the main market square, within a conservation area. Parts of the scheme are Grade II listed. Key tenants at the 114,500 ft² (approx. 10,637 m²) scheme include Wilkinson, New Look, Barclays, and WH Smith. The scheme has a weighted average unexpired lease term of around seven years.
Topland managing director Mark Kingston said: “The acquisition of the Saddlers Centre in Walsall was a new venture for Topland. We have demonstrated that through strong active management it is possible to drive strong returns and improve the shopping experience for shoppers in smaller regional shopping centres. In Newark we will roll out a number of initiatives which will drive income and enhance the quality of the centre for shoppers. We will also be opening our substantial war chest and targeting further strategic off market opportunities in this sector.”
Topland also own the adjoining Marks and Spencer store.