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LONDON-The Hercules Property Unit Trust, managed by Pillar property, has paid the Pensions Trust £37.1 million ($65 million) for the 118,000-sf Great Malvern Retail Park in Great Malvern, Worcestershire.The Park’s tenant base has historically been dominated by the traditional out-of-town occupiers including Focus, Halfords and Poundstretcher but more recent lettings have seen the arrival of high street retailers like Argos, Matalan and Brantano. Now Next is taking the 8,000-sf former Powerhouse unit at £24 ($43) per sf.Pillar property director Andrew Jones says: “This acquisition represents an excellent opportunity to acquire a dominant park with the flexibility of Open A1 planning. This will hopefully enable us to actively manage the park and utilise our retailer relationships to enhance the tenant line up and improve rental values. We have taken step one of this process by securing Next as a new key tenant.”FPD Savills acted on behalf of Hercules. CBRE acted on behalf of the Pensions Trust.

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