Whelan’s Westbeach buys in Windsor
29 May 2008
A £3.3 million acquisition in the heart of the town’s prime retail area
A retail investment in Windsor has become the first acquisition of recently formed local company Westbeach Group. Purchased from PruPim’s M&G Portfolio for £3.3 million, 29/30 Peascod Street is a three storey building at the heart of the town’s prime retail area. The units are occupied by British Bookshops and fashion retailer Kaliko.
Westbeach’s founder, Dermot Whelan commented “The potential offered by this acquisition is exactly what Westbeach was founded for – to seek challenging investment and development opportunities with angles to exploit and potential to add value, a strategy suited to the current market. The reversionary potential and excellent location of this property fit the bill. It shows that with the right funding and a strong team this is an excellent time to be doing business”.
Westbeach was advised by a multi-disciplinary team from King Sturge. Sam Fairbairn, added “Given the status of the current leases this property offers excellent reversionary potential. With a planning application submitted to extend and redevelop the Daniel department store opposite, the location will be further reinforced as the town’s prime shopping destination. Combined with the continued strong demand from multiple retailers for space in Windsor, the future rental growth prospects are encouraging.”
The purchase was funded by Mitre Capital Partners Limited, a property finance vehicle formed following a management buy out from Ansbacher & Co Ltd.
Knight Frank acted for M&G.
