CCLA acquire prime Leeds asset.
CCLA has successfully acquired The Range unit, which forms part of Birstall Shopping Park.
The solus store which extends to approx. 43,000 sq ft was previously occupied by Toys R Us but fell vacant following the retailers administration. The Range opened in October 2019 and is positioned in a prime out-of-town retailing destination alongside Birstall Retail Park. Adjacent and nearby occupiers include IKEA, Next, Boots, M&S, Curry’s, Pets at Home & Barker & Stonehouse.
The unit is let off a low starting rent of £10.00 per sq ft and benefits from a WAULT of 10 years. CCLA purchased the asset for £5.545m, reflecting a net initial yield of 7.25%.
Edgerley Simpson Howe acted on behalf of CCLA.