Guildford: Town deal proves strong retail demand

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TBM Team

St Bride’s Managers has acquired two prime retail units in Guildford from M&G Real Estate for £7.61 million. The neighbouring stores in the High Street measure 5,293 sq ft and are let to EE and Prestons Jewellers.

They are located opposite House of Fraser close to Tunsgate Square, which is currently being redeveloped as a 70,000 sq ft leisure-led retail quarter.

The properties were acquired for the St Bride’s Key Cities Partnership, a £75.25m partnership targeting assets with lot sizes of £3-8m in a select number of UK cities.

Guildford was identified as it has exceptionally strong occupational demand. It is one of the few towns to see rents rise to close to pre-recession levels while also attracting some of the highest consumer spending in the South East.

The other target key cities for retail investments are Leeds, Manchester and Bristol.

Ian Houston of St Bride’s Managers said: “We are delighted to have acquired these two shops in Guildford for our Key Cities Partnership. They fit the investment criteria perfectly, offering good asset management potential and strong growth prospects. Guildford’s combination of high retailer demand and low vacancy rates made it a natural target city for us.”

HRH advised St Bride’s Managers in the deal; Knight Frank represented M&G Real Estate.

Source: CoStar

TBM Team