INNES England has been instructed to handle full service commercial property advice at a popular district shopping centre in Oakwood, Derby.

The freehold investment of the Oakwood District Centre, anchored by a Co-op supermarket and with other tenants including Betfred and Birds, was recently sold for a figure in excess of £3 million reflecting a net initial yield of 7.5%. Innes England provided initial valuation advice.

The property consultant will now work with the investor, Leeds-based Victor Investments and Securities, on a property strategy and will take on full management duties and lettings, along with rent review and lease renewal work.

Innes England’s Jude Hayward said: “We are delighted that Victor Investments has recognised the value of using a local agent who knows these properties well to oversee not only their ongoing general management, but also to advise on the wider property strategy.”

“The popularity of the shopping centre is evidenced by the fact that it is fully let so our immediate priority will be general management issues. By instructing us, we can remove the complexities from the client that a management instruction can bring. In the longer term, we will seek to maintain the excellent tenant profile and look at asset management opportunities for our client.”

Leading Leeds commercial solicitors Shulmans has helped to negotiate the development and upgrade of a parade of shops in North Leeds which has led to the creation of 17 new jobs.

Raymond Linton, Managing Director of Victor Property Investments, started upgrading Stainburn Parade in Moortown back in January 2011. Following nine months of negotiations, Shulmans has helped to facilitate the ambitious development which has resulted in the creation of a new Sainsbury's Local and a 120 seat Chinese restaurant as well as the parade's car park.

Simon Jackson, Partner and Head of Commercial Property at Shulmans who was responsible for all legal aspects said, "The parade of shops has undergone a significant transformation which has ultimately resulted in new jobs for the local area. Raymond saw an opportunity to improve Stainburn Parade and we were happy to assist him in realising his vision."

Raymond Linton said, "The development has seen the arrival of a new Sainsbury's which has created new jobs as well as provided more amenities to the local community. It has also enabled us to create a new Chinese restaurant which is one of the largest in Leeds. The process has required some complex negotiations and the support from Shulmans has been invaluable."

Yorkshire Times, April 2012

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Victor Property

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Victor in the News

Leeds based investment company, Victor Investments and Securities Ltd, have completed the purchase of Glendale House Baildon, a long established retail development on a site of approximately half an acre.  There are six retail units with tenants including Santander Bank and Coral Bookmakers and also a bar/restaurant.  On the first floor there is residential accommodation and offices.  There is also a staff and customer car park to the rear.

Managing Director Ray Linton said “I’m delighted to have completed the purchase of Glendale House which serves the local community of  nearly 16,000 inhabitants in this popular and affluent commuter area”.

Glendale House is situated in the  centre of Baildon and provides a number of convenient local shopping facilities.  Linton added “We are actively seeking additional retail parades and shopping centres throughout the UK.”

Property Purchased

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