Regent Circus sold for £40.5 million
Swindon’s Regent Circus, the new leisure and shopping centre, has been sold for £40.48 million by developer Ashfield Land.
Guernsey-based UK Commercial Property Trust – which also owns The Parade shopping centre in Swindon – has acquired the 97,000 sq ft development, which is anchored by a Morrisons supermarket and Cineworld cinema.
On completion the scheme, which is already 94 percent pre-let expected to open in in November, is expected to generate £2.1m in annual rental income.
The development is built on a five acre site that was once home to Swindon College.
Christopher Hill, chairman of UKCPT, said: “This acquisition supports the company’s ongoing investment strategy of acquiring assets that have the potential for both income and capital growth.
“It also represents an increase in the company’s leisure holdings, one of the company’s favoured sectors, and is let to tenants with strong covenants and on terms that will also improve the average lease length of the portfolio.”
Other brands set to take up space at Regent Circus include Nando’s, Prezzo, Ask and Coal Grill & Bar.