Rockspring Property Investment Managers let a 5,000 sq ft shop to HMV at Orchard Shopping Centre in Taunton

25th February 2016

Rockspring Property Investment Managers let a 5,000 sq ft shop to HMV at Orchard Shopping Centre in Taunton

HMV has relocated to Orchard Shopping Centre from elsewhere in the town to take a larger unit on the first floor. It joins a retailers including New Look, Waterstones, WHSmith, Superdrug, Ernest Jones and L’Occitane. The new HMV store opened on 18 February 2016.

Since Rockspring bought the centre, Bills restaurant and Anytime Fitness have opened for trade, a further letting with the outdoor clothing retailer, Trespass, has been signed and longer term commitments from existing tenants including C&J Clark, Thorntons, and Hawkins Bazaar have also been secured.

Kim Sardar, assistant fund manager of Rockspring UK Value 2 Fund, said: “HMV is a welcome addition to the already impressive mix of national retailers at Orchard Shopping Centre. This new tenancy is in line with the Fund’s strategy to drive the performance of the Centre through active asset management, which includes initiatives to strengthen the tenant profile, and we believe that this new signing will help to encourage other new occupiers as well as drive footfall.”

Rockspring UK Value 2 is the second fund in a sequential UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close in February 2015, which, at eight months, was the fastest fundraise Rockspring has achieved in its 30 year history. Rockspring secured a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.

Rockspring was advised by Savills and KLM.

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