Savills lets final unit and launches investment at Stanground, Peterborough
01 June 2012
Savills and UK & Maine Ltd, on behalf of HDD Stanground Ltd, a wholly owned subsidiary of Development Securities Plc, have let the final unit at the retail parade at Cardea District Centre in Stanground, Peterborough to PC OK Associates Ltd.
The IT services provider has agreed a new lease on Unit 1, which comprises 1,065 sq ft (99 sq m) of ground floor, retail space. PC OK Associates Ltd joins five other occupiers including Barnardos, Countrywide Estate Agents, Starfish Restaurants, Best Friends Vets and OMG Hairdressing.
The retail parade totals 6,130 sq ft (570 sq m) and the final letting to PC OK Associates brings the building to full capacity. Accessed directly from the recently opened Stanground bypass on the southern side of Peterborough, the wider Cardea District Centre is anchored by a new 45,000 sq ft (4,181 sq m) Morrisons food store with petrol station and a Marston’s pub/restaurant. In addition to the retail parade there are also sites for a Health Centre and Childrens Day Nursery within the Cardea District Centre.
Following this final letting, Savills has subsequently been instructed to market the retail parade for a guide price of £1.375m, representing a net initial yield of 7.36%.
Erica Lewis, Associate at Savills, comments: “Highly accessible and located in a prominent area with an immediate catchment of over 70,000 shoppers, the retail parade at Cardea District Centre is a fantastic investment opportunity. The parade offers a unique opportunity for smaller retail businesses to flourish and capitalise on the draw of the Morrisons store and petrol station as well as the pub/restaurant, nursery and health centre. These pull factors have heightened demand for space on the scheme and result in a worthwhile and relatively secure asset.”
Savills Grosvenor Hill
Commerical General Practice
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