138,500 sq ft well located shopping park in Oxford, anchored by a Sainsbury’s foodstore.
Templars Shopping Park was purchased with partners KKR in 2013 as part of the Tuscany Portfolio.
8.9 acre site in South East Oxford comprising 138,000 sq. ft. of open A1 retail accommodation with 467 car parking spaces. Key retailers at purchase included TK Maxx, Matalan, Asda Living, JD Sports and Halfords with agreement for lease in place with Sainsbury’s and Poundland.
Upon purchase the former B&Q unit was in the midst of redevelopment to be split into several units. Quadrant Estates monitored the redevelopment and secured lettings to Sainsbury’s, Poundland, Pets at Home, DW Sports, Costa and Pure Gym at rents up to £32.50 per sq ft. Quadrant successfully widened the retailer and leisure offer to drive customer footfall and dwell time.
The park was sold fully let with an average weighted lease term of 10.9 years to Pramerica in January 2016 for £67m, representing a net initial yield of 4.99%.
As part of the B&Q redevelopment planning was secured for 4 houses at the rear of the service yard and the site was sold separately to a local house builder thus maximising returns.