HP Properties buys The Clyde Shopping Centre for £69m

23 Dec, 2009, Scotland

HP Properties Limited, a joint venture between Helical Bar and Prime Commercial Properties, has acquired the long leasehold interests in The Clyde Shopping Centre in Clydebank for a price of £69million.

The Clyde Shopping Centre is the dominant retail centre for Clydebank and the north west quarter of Glasgow. The centre extends to around 625,000 sq ft, comprising 120 shops, a multiplex cinema and parking for nearly 1,700 cars. There are six large anchor stores occupied by ASDA, Dunnes, Primark, Bhs, Boots and Wilkinsons.

Duncan Walker of Helical Bar said “We hope that this is the first of a number of similar transactions. This is a good asset with a strong tenant lineup and plenty of opportunity for enhancement.”

Claude Gubbay of PCP said “The Clyde Shopping Centre is typical of the type of property we traditionally like and are looking to acquire, having so many asset management opportunities for us to work on in conjunction with our partner and the Council.”

Cushman & Wakefield represented HP Properties Limited. DTZ acted on behalf of AXA Real Estate Investment Managers (UK) who fund manage the property on behalf of the vendors, the Co-operative Insurance Society Ltd.

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