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.