Development Securities buys Atlantic Village
Published: 13 June, 2008
Development Securities has bought the Atlantic Village outlet mall in Bideford, North Devon for £20m at an initial yield of 7 per cent. The scheme had been part of the REALM portfolio, and a conversion to a full-price format now looks on the cards.
The factory outlet centre occupies a 20-acre site, and totals 100,696 sq ft of existing retail space in 37 units and a children's play area. A new Asda supermarket anchor is opening on the site in September 2008, which will considerably improve the location's footfall and profile.
Development Securities director Matthew Weiner said: "This acquisition continues our strategy of investment into our favoured sub asset class of neighbourhood convenience retailing, which, as in this instance, is typically anchored by a significant food store.
"We believe that the ASDA opening will change the nature of the Centre from factory outlet to convenience retailing allowing us to introduce more full price offer retailers. Additionally, there is the potential to extend the scheme and thus provide room for additional retail anchors which, in turn, will raise further the centre's profile. We look forward to working with our local partners to deliver the potential."