Clients of Aviva Investors have sold the Centaurus Retail Park at Cribbs Causeway, Bristol for £47.15 million, representing a net initial yield of 5.53%. ESH advised Aviva.
The 81,751 sq ft retail park, which has been purchased by NFU Mutual Insurance Society generates an annual rental income in excess of £2.7 million.
The retail park is fully let and occupiers include Carpetright, TK Maxx, Tesco Homeplus, Maplin, Hobbycraft and Dreams. Current rents range from £31.58 to £43.58 per sq ft.
Located close to Junction 17 of the M5, the scheme is adjacent to the Mall at Cribbs Causeway regional shopping centre and includes a terrace of four retail warehouse units ranging from 5,194 sq ft – 30,886 sq ft and a further two units, totalling nearly 30,000 sq ft.