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| Pettifer Estates has completed
its development of a prime retail site in Northampton town centre, selling
the investment to a pooled charities investment fund for a figure well in
excess of £5 million.
The previously derelict site, standing opposite the landmark Carlsberg Brewery at St Peter's Way on Northampton's Inner Ring Road, was acquired by Pettifer Estates in 2002 and planning consent obtained to build a new 21,500 sq ft retail store with 10,000 sq ft mezzanine and 44 space car park. The store was handed over to US based retailer TK Maxx in September 2003 and has been let on a 15 year lease. The investment sale was concluded by London agent Wilkinson Williams, acting on behalf of Pettifer Estates, at a yield of under 6%. Knight Frank acted on behalf of tenant TK Maxx and King Sturge for the purchaser. |