Bridges acquires Cumbernauld’s Antonine Shopping Centre for £15m

The purchase of the 205,000 sq. ft. retail centre near Glasgow is part of a joint venture with Scoop Asset Management.

The purchase price of c. £15m represents a net initial yield of c. 11 per cent.

The Antonine Centre was developed in 2007. It contains 42 units let to a variety of retailers, including Boots, River Island, Next, TK Maxx, Costa, JD Sports and Peacocks.

Savills will act as managing agent of the centre, drawing on its strong management capability in Scotland. Colliers and Gunn Property Consultants have been retained as letting agents.

Bridges, which is investing via its Bridges Property Alternatives Fund IV, has previously invested in two other shopping centres: the Parkway Shopping Centre in Coulby Newham, and the Pentagon Shopping Centre in Chatham.

Tom Tyler, Investment Director at Bridges, said: “We’re delighted to have made our third investment in this sector. In-town shopping centres play a vital role in places like Cumbernauld – creating jobs and providing better access to goods and services. The Antonine Centre is a modern, high-quality centre with a broad multiple retail offer, convenient access and free parking. It is located in a European Assisted Area, and we believe that through our investment, we can create a more valuable asset that also has clear benefits to the local community – in line with our strategy of investing to achieve strong returns for our investors and demonstrable social impact.”