Bristol’s Imperial Retail Park has been bought by property developer Hammerson as part of a £254.5m package of four shopping centres acquired from The Junction Unit Trust.
The 32,000m2 (340,000ft²) scheme in Hartcliffe is anchored by a 10,000m2 (105,000 sq ft) B&Q, and includes Next, Boots, HomeSense, Pizza Hut and Subway. Annual rental income is around £5m.
Hammerson, which co-owns Cabot Circus shopping centre in Bristol city centre with Land Securities, said the Junction Unit deal was consistent with its focused strategy to invest in the three successful areas of retail property – convenient retail parks, prime shopping centres and premium designer outlets
The deal expands Hammerson’s presence in the retail park market to 22 assets with a total value of £1.4bn. The other centres are Lakeside in Thurrock, Essex, Forge Shopping Park in Telford, and Abbotsinch Retail Park, Glasgow.
These centres have a combined annual rental income of £18m which is due to rise to £20m over five years through contracted rental uplifts.
