March 2015
Euro Retail Park, Ipswich sold for £47.52 million
Rockspring purchases Euro Retail Park, Ipswich for £47,525,000, reflecting a 6.84% net initial yield.
The 210,534 sq ft scheme is located to the south east of the town centre opposite Futura Retail Park, a John Lewis and a Waitrose. Tenants on the scheme include B&Q, B&M, Sports Direct, Halfords, Dreams, Wren, SCS, Harveys, Carpetright, Pizza Hut and Burger King.
The total income produced is £3,438,895.80 reflecting a low average rent of £16.33 per sq ft. The park has a WAULT to expiry of 9.5 years and benefits from a wide-bulky planning consent.
ESH advised Rockspring on their purchase the freehold of Euro Retail Park Ipswich for £47,525,000, reflecting a 6.84% net initial yield.
March 2015
Picton Makes Retail Park Buy
Picton has acquired Gloucester Retail Park for £14.65m, reflecting a yield of 6.9%.
The retail park comprises four units totalling 112,000 sq ft and is leased to leading discount retailers B&M Bargains, Carpetright, The Range and AHF.
It produces an annual income of £1.067m with an average weighted lease length of 13.2 years at a low average rent of under £9.60/sq ft.
Michael Morris, chief executive, said: “We think this is an attractive entry point, recognising the income longevity and low overall rent, and believe there are a number of asset management opportunities which should enhance income and value during our ownership.”
ESH Advised Picton.
February 2015
Crayford Island Retail Park sold to Aldi Stores Limited for £7.5m
Unconditional sale of the site known as Crayford Island Retail Park to Aldi Stores Limited for £7.5m. Acting on behalf of the Administrators of Castlemore Securities Limited via their advisors Cordatus Real Estate Limited
January 2015
Cordea Savills Purchases Brook Retail Park, Hereford for £5.6million.
Cordea Savills purchased Brook Retail Park, Hereford in January 2015 for £5,600,000 reflecting 6.39% net initial yield.
The property is fully let to Lidl, Pets at Home, Poundstretcher and Poundworld at a combined annual rent of £378,609 and has a WAULT to break of approximately 7.5 years.
The 31,200 sq. ft. retail park has an open A1 planning consent with certain exceptions.
January 2015
Valad completes sales of B&Q stores in Thetford & Sudbury and 99p store in Frome.
Valad sells B&Q stores in Thetford and Sudbury and a 99p store in Frome to Triple Jersey Limited for £9,300,000 reflecting a blended net initial yield of 7.76%.
All properties had approximately a 7 year unexpired term and a combined rental income of £763,884 per annum.
ESH advised Valad.
January 2015
Aberdeen Asset Management, advised by Edgerley Simpson Howe, has fully let its 92,878 sq ft Kingsway Retail Park in Rochdale, Greater Manchester, after securing four major new retailers.
Iceland has taken 10,504 sq ft of a subdivided former Comet store on a new 15-year lease and will pay a rent of £12.38 per sq ft while Pets At Home has signed a 10-year lease on the other 10,501 sq ft of the store.
Poundworld Retail has leased a 10,555 sq ft unit to open its new multi-price format Bargain Buys at a rent of £12.50 per sq ft on a10-year term. Sport Direct has also signed up for 12,511 sq ft on a 10-year lease at £11 per sq ft
Tom Elviss of Aberdeen Asset Management said: “After experiencing the disappointment of 3 tenants entering administration in close succession in early 2013, it is a fantastic turnaround, that we are now fully let with such a strong tenant line up. Their long term commitment to Kingsway Retail Park is great news for the local community”.
The other retailers on the park are Asda, The Range and McDonalds.
Mason Owen advised Iceland; Pets At Home was represented by Curson Sowerby and Francis & Company acted on behalf of Poundworld Retail. Sports Direct were unrepresented.
