ESH Advises M7 Real Estate on two retail warehouse acquisitions

ESH are pleased to have worked closely advising M7 Real Estate on the acquisition of two retail warehouse assets; Greyfriars Retail Park, Stafford and Sandy Lane Retail Park, Worksop.

Greyfriars Retail Park in Stafford provides a weighted average income length of over 8 years (no breaks) with Dunelm having recently committed to a new 10 year term. Dunelm, Farmfoods and Dreams occupy a total of 40,480 sq ft off an average rent of less than £10 per sq ft.

Worksop is let to well recognised national covenants of DSG, Anytime Fitness, Pets at Home and B&Q and offers performance in the way of fixed uplifts. Current passing rents are c.£12.50 per sq ft and the linear terrace provides flexible accommodation. The WAULT is c.7 years to breaks and planning is open A1 non-food with a D2 use.

The combined price paid for the two assets was £12.37 million.