Lothbury Investment Management (LIM), on behalf of Lothbury Property Trust (LPT), has completed the construction of four new retail units in Salisbury. The extension of an existing asset has created 55,000 sq ft of new retail warehouse space, all of which was pre-let and has recently opened for trade.
Formerly known as Dolphin Industrial Estate, the site was identified by the LIM team as an opportunity to add value through development and ownership of the eight industrial units, adjacent to the existing retail park held by LPT, was built up over time. The LIM Active team secured planning for the new scheme which would allow for a comprehensive demolition and reconfiguration of the industrial site and the creation of a new pedestrianised area linking the existing retail park with the newly developed retail units.
The development creates a new £14m long term investment holding following pre-lets to DFS, Harveys, B&M and Oak Furniture Land. The scheme achieved Practical Completion in June, slightly ahead of schedule, with all stores opening for trade in late August.
Adam Smith, Senior Fund Manager and Executive Director at Lothbury Investment Management, said: “This has become the dominant retail park in Southampton Road. The existing units are let to retailers that include Argos, Next, Homebase and Currys PC World and, with such a broad range of retailers, this has become a destination retail park for shoppers, as well as creating new jobs in the area.
“As part of Lothbury’s active portfolio, this is a long term holding with excellent potential for rental and value growth. The new development and existing retail units create an asset worth in excess of £30m for the fund.”
Lothbury Property Trust consists of a combination of core assets comprising prime, well-located, properties secured on strong covenants, generally on long leases, across a variety of commercial sectors, and with very low vacancy rates, complemented by an active portfolio running alongside it.
Southampton Road Retail Park is a part of the Fund’s active portfolio, which is managed wholly by their own in-house team, generating additional value for investors in Lothbury Property Trust through the reconfiguration and refurbishment of existing core assets and the development of new sites. This strategy contributes to the Fund delivering above average returns to investors.
This is the website of Lothbury Investment Management Limited of 1 Angel Lane, London, EC4R 3AB, United Kingdom, a company registered in England with registered number 04185370. Lothbury Investment Management Limited (or “LIM”) is authorised and regulated by the Financial Conduct Authority in the United Kingdom.
Lothbury Investment Management Limited is the manager of the Lothbury Property Trust ("LPT") and the Lothbury Global Feeder LP ("LGF") (together, the “Funds”). LPT is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. LGF was established as a limited partnership in Jersey under the Limited Partnerships (Jersey) Law 1994 through the filing of a declaration of limited partnership. The Funds are alternative investment funds (“AIFs”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIFs. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the purposes of managing unauthorised AIFs (and for various other activities). The Funds are also unregulated collective investment schemes for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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