The Port of Milford Haven has announced that it has acquired Metric Property Milford Haven Limited, owner of the long leasehold interest in the Havens Head Retail Park, in Milford Haven.
The value of the acquisition is £15.3m and will add approximately £1m per annum to the Port’s operating profit.
The Port of Milford Haven already owns the freehold of the site but through this acquisition will now handle all aspects of its on-going property management as well. The purchase from London Metric Property plc forms part of the Port’s diversification strategy and aims to strengthen and create new employment opportunities in Milford Haven.
“This is a significant step in our diversification strategy”, said Alec Don, Chief Executive at the Port. “The investment forms part of a conscious effort to increase the quality and diversification of our earnings. Our retail offer now includes larger existing units as well as the exciting prospective developments at Milford Waterfront. Havens Head Retail Park is immediately adjacent to Milford Waterfront and gives the port a much more substantial stake in the development of Milford Haven as a successful retail and leisure destination.
“The Port of Milford Haven is committed to Pembrokeshire”, continued Alec, “As a business rooted in the area, whose activities already support around 4,000 jobs countrywide, we are always looking to the future. And because our profits are reinvested back into the business we are able to look for new opportunities to create business growth and employment”.
Havens Head Retail Park comprises approximately 83,000 sq ft space and is occupied by a mix of long-term tenants including Tesco, Boots, Card Factory, Home Bargains, Iceland Frozen Foods, Peacocks and Poundland. The acquisition is financed from own cash resources and lending provided by Svenska Handeslbanken AB and is expected to provide an attractive return on the Port’s net investment.
The Port of Milford Haven’s Milford Waterfront Development received a resolution to grant outline planning consent in 2015 and work continues to develop and improve the masterplan. Since then the Port has reached agreement for the development of a drive-thru Costa Coffee and a number of other development discussions are underway. The successful delivery of this exciting waterfront development will create over 600 new jobs in the area and deliver £19m of GVA per annum to the local economy.