ISIS Property - Retail Development - Blackburn, Nova Scotia Retail Park

Date: 13 Jun 2003

ISIS Property has agreed to forward fund the Nova Scotia site retail park in Blackburn for developers Henry Boot Developments Ltd for £32 million reflecting a net initial yield of 6.5%.

The 12,649 sq m (136,150 sq ft) retail park will be anchored by B&Q, which has taken 9,290 sq ft (100,000 sq ft) on a 25 year lease at £145 per sq m (£13.50 per sq ft). The remaining 3,358 sq m (36,150 sq ft) is arranged in 3 units – all are currently under offer to national retailers.

Deepan Khiroya Head of Out of Town Retail for ISIS Property comments:

“Out of town retail parks of this size are a rarity – and with the strong tenant line up, bulky goods consent and yield in line with the fund’s profile, this acquisition is a valuable addition to our retail warehouse portfolio.”

ISIS Property, advised by FPD Savills, acted for Royal & SunAlliance Life & Pensions Ltd, while GVA Grimley acted for Henry Boot Developments Ltd.

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