Wilkinson Williams, acting on behalf Henderson UK Retail Warehouse Fund, has purchased the Wickes retail warehouse at Foster Road, Ashford from Leicestershire County Council Pension Fund for the sum of £5.15 million. The property, which is situated opposite the Ashford Retail Park, which Henderson recently purchased, is let to Wickes on a lease expiring in December 2014 at a current rent of £378,392 per annum. The sale price reflects a net initial yield of 6.9%. The property benefits from an open non food retail planning consent. Colliers Capital advised Leicestershire County Council Pension Fund.
Michael Neal, fund manager for the Henderson UK Retail Warehouse Fund, commented:-
“The purchase follows our recent acquisition of Ashford Retail Park Phase 1 from Local Authorities Mutual Investment Trust (LAMIT). which is located directly opposite.
Ashford has been designated by the Government as a key growth area, with target plans for 31,000 new homes and 28,000 new jobs by 2031. As such, we believe it is ideally located to capitalise on the planned growth for the area and are delighted to have increased the Fund’s critical mass in this location.”
For further information please contact: