Prime Pitch Asset Management has completed the acquisition of four shops in the center of Zutphen. The portfolio was acquired from a local retailer and investor. The shops are located in prominent locations in the core shopping area of the city. Tenants are Open32, Street One, Jack in the Box and a tattoo parlor.
With this purchase, Prime Pitch is committed to realising homes above shops. There are currently 2 rented homes on the upper floors, but there is room for the realisation of a total of 10-12 dwellings. “City centers are not only attractive shopping locations, but also very attractive places to live,” says Sjoerd van der Zandt of Prime Pitch. “Current developments in the housing market demand, among other things, an expansion of the housing stock through densification of the city”. One of the purchased properties on Beukerstraat is right next to an object that was already in Prime Pitch's portfolio, which means that a joint stairwell can possibly be created to reach the upper floors.
“The purchase fits well with our value-add strategy,” says Rutger Nooij of Prime Pitch. “The retail market has cooled down considerably in recent years. The fall in rents and the valuation of retail property offer opportunities for us to acquire good locations and add value by creating new dwellings”. In addition to residential portfolios in the Netherlands, the asset manager manages a retail portfolio with properties at A1 locations in smaller and medium-sized cities.