On behalf of the Hunter UK Retail Unit Trust, Hunter has completed the purchase of 72-77 Princes Street and 1-5 Hanover Street from clients of Savills Investment Management for an undisclosed sum. The acquisition was completed with the support of a new debt facility provided by The Royal Bank of Scotland.
The parade of five shops is let to Camper, Fraser Hart, Doc Martins, Three and Holland & Barrett. Costa partially occupy the upper floors with ground floor access served from Hanover Street.
The parade is an exciting value-add asset management opportunity and the business plan envisages an increase in the length and security of income, benefitting from the opening of UNIQLO in 2024 in the former BHS store adjacent. There is an additional opportunity to bring the vacant and dilapidated upper floors back into active use, with details of a forthcoming planning application to be revealed shortly.
Sheridan Keane, Orinsen and Dickson Minto advised Hunter REIM while Savills and Shepherd & Wedderburn represented the vendor.