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26 September 2012

PETERBOROUGH’S CARDEA DISTRICT CENTRE IS SNAPPED UP BY SIPP

Savills, on behalf of HDD Stanground Ltd, a wholly owned subsidiary of Development Securities Plc, has sold the Cardea District Centre in Stanground, Peterborough to a Self-Invested Pension Plan (SIPP) managed by London and Cambridge Properties for £1,025,000.

The freehold retail parade of six shops totals 6,130 sq ft (570 sq m) and is fully let to a range of national and local occupiers including Barnardos, Countrywide Estate Agents, PC OK Associates Ltd, OMG Hairdressing Ltd, Best Friends Veterinary Group and Starfish Restaurants Ltd. The annual passing rent is £107,100 with a weighted average unexpired lease term of over ten years.

Ben Rudd, at Savills Peterborough, comments: “With a catchment of over 70,000 shoppers, Stanground is a prime location for retailers and the growing demand for space is highlighted by recent deals at the Cardea District Centre which have taken the retail parade to full capacity. With the anchor of a Morrisons store secured along with a Marston’s pub and a nursery and health centre to follow, we anticipate appetite for space to remain consistent making the asset an attractive investment opportunity.”

The SIPP was represented by Neil Frais Kelly.

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For further information, please contact:
Ben Rudd, Savills – Tel: +44 (0) 1733 209 943
Kirsty Mitchell, Savills press office – Tel: +44 (0) 20 7409 8887