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Bishops Quarter

TH Real Estate brings Bishop's Quarter to market

TH Real Estate is bringing Bishop’s Quarter, in Bishop’s Stortford, to market.

Strategically located in the town centre of Bishop’s Stortford, Bishop’s Quarter extends to a total area of 4.3 acres, comprising five constituent parts; a multi-let office investment and adjacent vacant office building, two long-let Local Authority town centre car parks with leases incorporating landlord-only development break options, and three residential properties. The majority of the site benefits from an existing planning consent for a mixed-use development, comprising retail, leisure, hotel, residential, community uses and car parking.

The asset is being sold on behalf of TH Real Estate’s Henderson UK Property Fund (HUKPF), which was established in 1994.

LSH is acting on behalf of TH Real Estate.

David Pearce, Fund Manager, HUKPF at TH Real Estate, said: "We continue to view Bishop’s Stortford as an exciting investment proposition. The town has witnessed significant population growth, and is projected to see significantly above-average growth over the next five years. Unfortunately, competing Fund requirements mean we are unable to sufficiently support or resource the progression to the next stage of the development.

"The sale provides a rare opportunity to acquire an income-producing investment, benefiting from strong covenants and an average weighted unexpired lease term (AWULT) of 12 years to lease expiries. The site lends itself to a natural extension to the current shopping provision in the town centre, encouraging a circular footfall, enhanced town centre environment, and an essential increase in floor area, giving much needed critical mass to the retail offering."

Martin Perry, Development Director, TH Real Estate, added: "We have worked hard to create a scheme that enhances the existing town character, without becoming overbearing in scale and feel. It respects its surroundings, knits into the urban fabric of the town, and provides a viable and sustainable offer. We have consistently worked with local stakeholders on the scheme; we have listened to what people have told us, and tried to reflect this in the scheme.

"The site provides an exciting opportunity for the next owners to bring the development works forward, within its key design principles, which will ensure our hard work is preserved."

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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