Dev Sec sells Burnley retail park
QUOTED property group Development Securities has sold the Anchor Retail Park in Burnley for £6.5m.
It picked up the 42,000 sq ft shopping centre out of administration two years ago as part of the Rock portfolio – a mixture of commercial, industrial and residential investment and development assets.
The portfolio, once owned by entrepreneur Paul Kemsley, was acquired by Dev Sec for £23m and it estimates it has made £1m on the Anchor deal.
Around two-thirds of the portfolio has now been sold, raising £27.8m and profits of £5.3m.
Dev Sec also announced the disposal of sites in London and Littlehampton raising £34m.
Chief executive Michael Marx said: “All of these properties were acquired from the proceeds of our equity raise in July 2009.
“The profitable realisation of these assets within a short time frame confirms our strategy of creating value by repositioning secondary or tertiary real estate into prime or near-prime markets.”
In December 2010 Dec Sec bought Hollywood Park in Burnley , home to the eight-screen Apollo Cinema as well as a bar which is run by Punch Taverns.
