Schroders Exempt Property Unit Trust (SEPUT), advised by Edgerley Simpson Howe (ESH) have bought Hall Road Retail Park, Norwich.
Schroders Exempt Property Unit Trust (SEPUT), advised by Edgerley Simpson Howe (ESH) have bought Hall Road Retail Park, Norwich. The 145,751 sq ft retail park is let to Homebase, Pets at Home, Aldiss and Bennetts at rents ranging from £12.47 – £15.91 per sq ft. Jo Duffield of ESH said “We have been looking to buy this park for SEPUT for some time, originally from Targetfollow. The various asset management opportunities makes it an interesting investment, notwithstanding the excellent income profile with circa 55% of the income secured to Homebase for a further 15 years. The eventual deal struck with Deloittes, acting as administrators, was performed in a tight time frame with both sides working exceptionally hard to see the transaction through to a swift conclusion.” Ian Mason, SEPUT’s Fund Manager added “We are delighted to have secured this asset for SEPUT, as it is one of only a few we have seen in the current market that fits our investment model. The Park occupies a dominant out of town location in a City with a strong catchment. It not only gives our investors the strong income characteristics they need in the short term, but more importantly the low rental base and known retailer demand for the scheme present some interesting and deliverable asset management opportunities moving forward.” Edgerley Simpson Howe advised SEPUT; Deloittes LLP acted as the administrators for Targetfollow.