Metric Property Investments plc has acquired Pierpoint Retail Park, King's Lynn from Black Pearl Investments for £15.1 million, reflecting a net initial yield of 6.3%. The two parties completed the transaction at the end of September 2011.
The scheme totals 66,300 sq ft and has an average passing rent of £15.20 per sq ft, with existing rents ranging from £13.65 per sq ft to £22.50 per sq ft and a tenant line up including; Comet, Barclays, DFS, Next and Homebase. The average unexpired lease term is 4.1 years and the park benefits from an open A1 non food retail planning consent.
Wilkinson Williams acted on behalf of Metric Property Investments plc and Black Pearl Investments was represented by BNP Paribas.