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Hercules Sells Northern Ireland Retail Park

LONDON-The Hercules Unit Trust has sold the Clandeboye Retail Park in Bangor, Northern Ireland, to a private investor for $44 million, reflecting a net initial yield of 6.25%.

By Graham Parker | Updated on April 20, 2004

LONDON-Pillar Property, manager of the Hercules Unit Trust, has continued the process of focussing the fund on larger retail parks with the sale of the 112,327-sf Clandeboye Retail Park in Bangor, Northern Ireland, to a private investor for £24 million ($44 million), reflecting a net initial yield of 6.25%.The park has a restricted planning consent. It consists of eight units and current tenants include Currys, PC World, MFI, Carpetright, Harveys, At Home and Halfords. The sale follows an intensive reconfiguration programme which included relocating Currys to a larger 26,500-sf unit and creating a new 115,000-sf store for PC World. There is currently one 10,000-sf unit available to let.Pillar director Valentine Beresford says: “Hercules is increasingly focusing on parks with Open A1 planning and sufficient size from which we can create a more sophisticated product to attract the traditional high street tenants. 70% of the Hercules portfolio now has Open A1 planning consent and an average park size of over 200,000 sf.”Wilkinson Williams and Osborne King acted on behalf of Hercules.

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