Innes England has been instructed to handle full service commercial property advice at a popular district shopping centre in Oakwood, Derby.
The freehold investment of the Oakwood District Centre, anchored by Co-op supermarket and with other tenants including Derbyshire Building Society, Betfred and Blockbusters, was recently sold for a figure in excess of £3 million reflecting a net initial yield of 7.5%. Innes England provided initial valuation advice.
The property consultant will now work with the investor, Leeds-based Victor Investments and Securities, on a property strategy and will take on full management duties and lettings, along with rent review and lease renewal work.
Raymond Linton, managing director of Victor Investments commented: “We were very pleased to acquire the Oakwood Shopping and District Centre. The centre serves the shopping and community needs of the surrounding housing estate which is the largest private housing development in Europe. We relied on advice from Innes England from the very beginning and they also assisted us in valuing the centre and planning our strategy for its future development.”
Innes England’s Jude Hayward said: “We are delighted that Victor Investments has recognised the value of using a local agent who knows these properties well to oversee not only their ongoing general management, but also to advise on the wider property strategy.”
“The popularity of the shopping centre is evidenced by the fact that it is fully let so our immediate priority will be general management issues. By instructing us, we can remove the complexities from the client that a management instruction can bring. In the longer term, we will seek to maintain the excellent tenant profile and look at asset management opportunities for our client. ”