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Brockton-Pradera joint venture acquires Northern Irish and Gloucester retail parks

Brockton Pradera Retail LLP, a joint venture between Brockton Capital and Pradera, has acquired two new retail parks to add to its growing portfolio, one of which is the partnership’s first purchase in Northern Ireland.

Springhill Retail Park, located in Bangor, Northern Ireland, is a 160,000 sq. ft. site which was purchased for just under £11m from an entity controlled by Apollo Global Management LLC (who acquired the interest as part of Project Lane from Lloyds Banking Group) after the original developer went into receivership.

The site was built in 2008 and comprises 12 units, which total 63,189 sq. ft. at ground level with an additional 38,127 sq. ft. of mezzanine space. The scheme hosts a flagship Tesco as well as a number of mainstream high-street retailers, including Next and New Look. In addition, this retail park makes sure to serve the needs of the local community, with a number of local stores as well as a community of block consisting of four units totalling 16,630 sq. ft., which includes a doctors surgery and a chemist.

The fund will be overseeing the final completions of the scheme as well as securing tenants for the remaining empty units.

Brockton Pradera Retail LLP was represented by Tughans.

Also acquired by joint venture partnership, for around £11m, is Gloucester Retail Park, a 7.5 acre site situated on Eastern Avenue, the primary retail warehouse hub of Gloucester. Built in 1990, tenants at the scheme currently include Carpet Right, What Bargains and AHF Furniture Stores.

Brockton Pradera Retail LLP was represented by Harvey Spack Field and BTW Shiells.

A spokesperson for Brockton Pradera Retail LLP, commented “We are particularly excited about the acquisition of Springhill, which is a valuable asset to list within our portfolio. The site ticked all of the right boxes and is well located on the A2 on the route between Bangor and Belfast. This purchase is a sign of our confidence in the marketplace of Northern Ireland.”

“Both parks will benefit from pro-active asset management, which continues the approach we have taken as a joint venture partnership to acquire assets with genuine potential for improvement and adding real value.”

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Background Photo:
Ragusa: Ibleo Shopping Centre