Axis Retail Partners – a retail investment advisory and asset management boutique founded in partnership with Generali – have exchanged contracts to buy St Georges Shopping Centre off market at a NIY of 8.3% from RDI REIT on behalf of pension fund clients of LaSalle Global Partner Solutions.
The shopping centre, in the thriving Greater London town of Harrow, was refurbished in 2015 and sits at the end of the bustling high street, with a 3-minute walk from Harrow on the Hill station and a 20-minute journey to Central London. St Georges has an annual footfall of c.9m customers who are attracted by the 215,000 sq.ft. of convenience and value retail, with leisure and F&B anchors across more than 30 units on two retail levels and three levels of parking above (>650 parking spaces). Occupiers include TK Maxx, Boots, Deichmann, Wilkos, Nandos, Tortilla, Pizza Express and a state of the art 12-screen Vue cinema who have recently undertaken a full refit. The scheme is now fully let following several new lettings that have recently completed including H&M, Puttstars, Haute Dolce and Trespass, and holds a “Very Good” BREEAM In Use rating.
The rental levels at the centre have been rebased with 52% of retail income either renewing or reletting over the last 18 months, which provides a solid income base and NOI visibility. Sales are trending positively with some of the main tenants at or close to 2019 levels already. Axis will be driving the sales performance of the occupiers using their management expertise and applying their proprietary sales analytics tool ‘Origin’ for the benefit of LaSalle.
Source : Axis Retail Partners