Hammerson has announced that it has exchanged contracts for the sale of Manor Walks Shopping Centre, Cramlington, Northumberland to Arch Commercial Enterprise Ltd for £78m. Manor Walks adjoins Westmorland Retail Park and the two schemes form the core retail offer for Cramlington town centre situated nine miles north of Newcastle. Hammerson says that, further to acquiring the schemes in 2006, a 6,040m² extension of Manor Walks was completed in 2013 delivering a new Vue multiplex cinema and an enhanced dining offer with restaurants Prezzo and Frankie & Benny’s taking space, which marked debuts for both brands in Northumberland. Hammerson says that it will retain ownership of Westmorland Retail Park and, having attracted a number of new retailers to the park including a Marks & Spencer Simply Food and TK Maxx, there remains further potential to enhance the tenant mix.
Hammerson says that the sale price for Manor Walks represents a net initial yield of 7%, and is moderately below book value as at 31 December 2015. In a separate transaction, Hammerson has also announced that it has also sold a 4,000m2 property let to The Range in Folkestone for £7m, bringing the total value of disposals to £85 million. Hammerson says that both transactions were exchanged on terms agreed prior to the Referendum.
Hammerson sells Manor Walks Shopping Centre, Cramlington, for £78m : HMSO