London property investors acquire retail parks for £26m

Property investment firm NewRiver has acquired two retail parks for £26.5m.

The London-headquartered company snapped up The Rishworth Centre and Railway Street Retail Park in Dewsbury, West Yorkshire, for £14.3m.

The 68,400 sq ft Rishworth Centre houses four retail units and 265 free car parking spaces, while Railway Street Retail Park comprises three retail units spanning 23,700 sq ft, with 116 free parking spaces.

Among the site’s occupiers are retailers Next, Iceland and Pets At Home.

NewRiver also purchased the Valegate Retail Park in Cardiff city centre for £12.2m.

The development is made up of seven units amounting to 93,600 sq ft of space, supported with 325 free parking spaces.

Allan Lockhart, property director at NewRiver, said: “These acquisitions are in line with our strategy of acquiring fundamentally good quality assets with untapped enhancement opportunities which NewRiver is well placed to exploit as an active and specialist retail asset manager.

“We are confident of significantly improving the retailer profile and the sustainability and quality of underlying cash flows so that these assets will deliver attractive returns for our shareholders.”