Orchard Street Investment Management LLP (Orchard Street), the specialist commercial property investment manager, announces that it has completed the acquisition of Priory Fields Retail Park in Taunton from a client of AXA Real Estate for £27.237 million, reflecting a net initial yield of 6.75%. The acquisition was made on behalf of St James’s Place property funds.
Priory Fields, a prime retail park developed by AXA Real Estate in 2003, provides 110,350 sq ft of accommodation with broad bulky goods planning consent. The park is let to an attractive mix of retailers including Dunelm, Carpetright, Harveys, Homesense, Pets at Home and Wickes. Rents range from £15.00 per sq ft to £22.75 per sq ft.
Commenting on the acquisition Chris Bartram, Chairman at Orchard Street, said: “Located in a prominent position between Taunton town centre and the motorway junction, Priory Fields has a strong reputation and good trading record. We believe that the thriving local economy combined with the retail park’s low average rent of just £17.65 per sq ft and an average lease length of nearly 14 years to term certain, will ensure this investment performs well for our client.”
Orchard Street was advised on this acquisition by Morgan Williams while Axa was advised by Wilkinson Williams.
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