Scottish Widows Investment Partnership have sold Pallion Retail Park in Sunderland to Europa Capital and Ediston Real Estate for a price of £18,950,000, a net initial yield of 7.29%.
The park comprises approximately 130,000 sq ft anchored by Matalan and Dunelm. Other tenants are B&M, Iceland, Poundstretcher and Wallpaper Warehouse. There are a range of lease expiries from 2018 – 2026 at rents of £10 – £13.50 psf.
Planning is open A1 part food, part non-food.
Scottish Widows Investment Partnership were jointly represented by ESH and Morgan Williams.