Atlantic Village Outlet Centre sold for £13 million
U+I has sold its Atlantic Village Outlet Centre in North Devon to Global Mutual for £13 million.
Atlantic Village opened in 2000 and is held freehold with open A1 planning consent. Anchored by Marks & Spencer and Nike, it has a total of 41 retail units across 146,322 square feet as well as 800 car parking spaces. U+I has sold Atlantic Village with the benefit of a consented petrol filling station which is pre-let to Asda.
With Colliers having acted on behalf of U+I, James Findlater, head of shopping centre investment at Colliers, said: "The last few years have seen particularly strong investor demand for factory outlet centres which offer a unique value proposition for consumers matched with low occupancy costs for retailers. The alignment of retailer and landlord interests through flexible lease structures promotes genuine partnership and has kept the sector energised despite consolidation in other physical retail formats in the face of online spending growth.”
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