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Dacorum Borough Council has invested over £30m in the regeneration of Hemel Hempstead town centre. The Hemel Hempstead Town Centre Masterplan was developed to help create a vibrant and welcoming town to attract visitors who want shopping and leisure facilities and businesses wishing to invest and flourish.
Following the completion of the Old Town high street & Marlowes Shopping Zone public realm improvements, the creation of a new Bus Interchange transport hub in the heart of the town centre and the restoration of the Jellicoe Water Gardens (currently underway), Dacorum has attracted the interest in a number of major businesses to Dacorum (below are just a few of them), including the recent acquisition by Capital and Regional of the Marlowes Shopping centre and surrounding Fareham House and Edmonds Parade.
Acquisition of The Marlowes Shopping Centre, Hemel Hempstead
On 12 January 2016 the Group exchanged contracts with Standard Life Investments for the acquisition of The Marlowes Shopping Centre, which is the main retail offer in Hemel Hempstead, for £35.5 million reflecting an initial yield of 7.0%. The acquisition will be part funded by new debt with the Royal Bank of Scotland of £17.8 million, secured on the asset, with the remainder being financed through available Group cash resources. The acquisition is expected to complete in early February 2016.
Hemel Hempstead is a strong south east commuter town located just outside of the M25, which has recently benefitted from significant investment from the local authority. The opportunity exists to reposition this asset and potentially consolidate it with other retail properties adjoining the scheme, as part of a regeneration of the wider town centre.
Acquisition of a third property in Hemel Hempstead
Capital & Regional today announces the £7.8 million acquisition of Fareham House in Hemel Hempstead in an off-market transaction.
The acquisition, which is immediately adjacent to both the Marlowes shopping centre and Edmonds Parade, which were acquired by the Company in February 2016, means that Capital & Regional now has the significant opportunity of consolidating all three assets into a single, dominant town centre scheme. Altogether, the properties provide 340,000 sq ft of retail space across 87 retail units, with 1,200 car parking spaces.
'"The transaction represents a considerable success in the opportunity that we now have in Hemel Hempstead"