Standard Life, advised by ESH, have disposed of the freehold interest in Stoneferry Retail Park, Hull for £2,160,000 million reflecting a net initial yield of 10% to AEW.
The park, comprising 17,655 sq ft, is let to DSG Retail, Bensons Beds and Burger King with lease expires in 2019 on the retail units and 2029 on the Burger King. DSG Retail have sublet their unit to Wren Kitchens.
The total current rent is £228,591 per annum, equating to £11.01 and £10.80 psf on the retail, and £24.59 psf on the Burger King.
The park benefits from a ‘wide’ bulky goods and A3 planning consent.
AEW were advised by Fawley Watson Booth