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Henderson confirms Winchester Silver Hill buy

 

Henderson Global Investors has confirmed its acquisition of two Thornfield entities comprising the 600,000 sq ft Silver Hill scheme in Winchester, from the developer’s administrator Deloitte. 


The fund manager, on behalf of the Henderson UK Property Fund, has bought Thornfield Properties (Winchester) and Thornfield Properties (Winchester) No. 2.


The companies were wholly-owned subsidiaries of Thornfield Properties, itself a wholly-owned subsidiary of Thornfield Ventures.


Silver Hill scheme has been on hold after Deloitte was appointed administrator to Thornfield this January.

 

It is the largest single development in the area since the Brooks Centre in the 1980s.

 

It will comprise 95,000 sq ft of retail, 18,500 sq ft of offices, a 11,000 sq ft medical centre, 207 private residential flats, 100 affordable residential flats – 35% of which are social rented, around 168 residential car parking spaces and 330 public car parking spaces. The project is aiming for a practical completion date in 2015.


Cameron Fraser, fund manager of the Henderson UK Property Fund, said:  “The development of this substantial area of Winchester is an exciting addition to our portfolio which fits well within our fund strategy for value add opportunities. The acquisition provides the fund with exposure to a distressed retail development opportunity in a prime South East location at a heavily discounted value.

 

“We are confident that we will be able to attract new high quality tenants to the scheme upon completion and are optimistic that we can maximise returns for our investors.”


Cllr Kelsie Learney, leader of Winchester City Council, said: “We are delighted to have secured such a high quality partner for the development of the Silver Hill scheme and look forward to working alongside a company that shares our ambition and optimism for the scheme.”

 

annabel.dixon@estatesgazette.com

 

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