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NewRiver Retail sells Oxford and Dorset retail parks

By Rachel Douglass

23 Dec 2021


Image: NewRetail, Poole Retail Park

NewRiver has announced the exchange of contracts for the disposal of the Templars Square Shopping Centre in Cowley, Oxford, as well as the finalisation for its sale of Dorset’s Poole Retail Park.

Its completion of disposal for the Dorset site was agreed at 58 million pounds, whilst the Oxford park is looking at a gross proceed of 38.8 million pounds, a 4.9 percent premium to the asset’s latest valuation.

The firm acquired Templars Square Shopping Centre for 24.6 million pounds in 2012, and in November 2021 received planning permission from Oxford City Council to utilise 236,000 square feet of mixed-use regeneration, including 226 new homes and public space improvements.

NewRiver’s CEO, Allan Lockhart, said in a statement: “We are pleased to agree to this sale which, as we have already demonstrated through our recent disposal of Blenheim Shopping Centre in Penge, highlights the significant value we can create through our regeneration expertise. On completion, this disposal will further improve our loan-to-value (LTV), strengthening our position as we execute our resilient retail strategy.”

One day before its Oxford sale, the company also announced the disposal confirmation of its Dorset site, two years on from its acquisition. During this time, NewRetail has established new leases with existing occupiers, including Boots and Next, and has welcomed a number of new retails to the location. In February, it also completed a new 10-year lease for a 30,400 square foot Sports Direct, replacing a former DW Sports unit.

“This disposal demonstrates the strong returns that can be generated from our experienced asset management platform through capital partnerships,” commented Lockhart. “In a short space of time, we have completed numerous leasing transactions at the retail park, which have improved the customer offer and supported the asset’s income and valuation.”