BP Investment Management, represented by Edgerley Simpson Howe & Partners, has purchased the Taunton Retail Park from Aviva. The sale of £17.77m represents an initial yield of 9%.
Current tenants at the 87,800 sq ft park are paying rents of £17 – £20 per sq ft and include; Homebase, Curry’s, PC World, Staples, Comet and Pizza Hut.
Taunton Retail Park forms a part of the main out of town retail offering in Taunton and is located next to Sainsbury’s food store, close to junction 25 on the M5.
Tony Rogers from Edgerley Simpson Howe comments: “The retail park is of great regional significance and trades very well off low rents. BP was quick to identify the potential and moved rapidly to secure the property in competitive circumstances.”
Aviva was represented by Montagu Evans.