Moorgarth sells Wisbech retail park for £24.5m

Moorgarth Ventures has sold Elms Retail Park, Elm High Road, Wisbech to Aberdeen Asset Management for £24.5m.

The deal reflects a net initial yield of 5.32%.

The property comprises a 48,571 sq ft foodstore occupied by Morrisons on a new 35 year lease (with break option at year 20), along with two retail warehouses let to B&Q and B&M with 8 and 10 years unexpired lease terms respectively.

Jamie Naughton, investment partner of Edgerley Simpson Howe, which advised by Moorgarth, said: “Our client has crystallised a profit on the scheme and the fact one of the main fund managers has bought it is of no surprise. With 70% of the income secured to Morrisons they are a preferred source of income at the current time for Institutions.”