UBS’s Triton Property Fund has bought the Packhorse Centre in Huddersfield from Chester Properties for a total of £21m. The 90,000 sq ft shopping centre was previously owned in a joint venture between Chester Properties and Cargill Investments. It is in the centre of Huddersfield with a prominent frontage onto King Street.
The centre comprises 41 units with a department store at ground floor level and offices above, and generates £1.5m a year in rent. The deal reflects a net initial yield of 7.4%.
Chester Properties Director, Tom Tyler, commented: “Through a carefully co-ordinated asset management programme we have substantially enhanced the performance of this shopping centre.”
Richard Tanner, Triton Property Fund Manager, added: “The Packhorse Centre provides a secure and growing income stream off an attractive yield profile.”
Source: Freeman News
