Threadneedle Property Investments have sold Rydon Lane Retail Park in Exeter to Royal London Asset Management for £42 million, reflecting a net initial yield of 6.85%.
The property is the prime bulky goods park in Exeter, situated adjacent to a Tesco superstore. The scheme totals 116,213 sq ft and is let to Currys, PC World, Pets at Home, Halfords, Carpetright, Sports Direct, Dreams, DFS, KFC and Pizza Hut. The total rent roll is £3,044,648 per annum and the average income weighted unexpired lease term, including breaks, is just over 9.5 years.
Wilkinson Williams advised Threadneedle and Royal London were represented by CWM.
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