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Bishops Quarter

TH Real Estate sells Bishop's Quarter, Bishops Stortford, to East Herts Council

TH Real Estate, on behalf its UK Property Fund, has exchanged contracts to sell Bishop’s Quarter, Bishop Stortford to East Herts Council for £19.55m, representing a net initial yield of 5.05%.

The asset comprises five constituent parts; a multi-let office investment, an adjacent vacant office building, two long let Local Authority town centre car parks incorporating landlord only development break options and three residential properties. Bishop’s Quarter benefits from an average weighted unexpired lease term of 12 years and generates a total current net income of c.£1.1m per annum.

Extending to 4.3 acres (1.74 hectares), the property is strategically located in the town centre of Bishop’s Stortford, an attractive and historic East Hertfordshire market town. 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.

David Pearce, Fund Manager, TH Real Estate, comments: “We have worked closely with local stakeholders throughout our ownership of Bishop’s Quarter to create a vibrant scheme that compliments the surrounding area. The property has proved to be a very good commercial asset for the Fund, generating significant returns over its hold period, and we believe it provides an exciting opportunity for the new owners.“

East Herts Council Leader Linda Haysey adds: “This was a rare opportunity to purchase a major site that has a central role in the life of Bishop’s Stortford and the rest of the district. It is set to generate considerable income but perhaps more importantly, it will allow residents and the council to explore options as to how we can best use it for the benefit of the whole town. By managing it effectively from the start, the site will immediately contribute to the quality and appearance of the town centre and will provide investment income.” 

Disclaimer
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. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. COMP201500237.

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