Threadneedle Property Investments Ltd have purchased the freehold interest in Foss Islands Retail Park at a price of £26,250,000, reflecting a 5.90% net initial yield, from AXA Real Estate on behalf of AXA Sun Life.
The scheme was developed in 2007 and provides 87,409 sq ft of bulky goods retail warehouse accommodation arranged in 7 units let to Homebase, TK Maxx HomeSense, Dreams, Kütchenhaus, Dreams and Pets at Home. There is also an A3 unit let to Frankie & Benny’s and a unit occupied by Kwik Fit. The scheme benefits from being anchored by a Morrisons foodstore and a newly developed Waitrose foodstore. The scheme was let in a weakened occupational market and rents range from £18.00 per sq ft to £20.32 per sq ft.
The property represents a secure retail warehouse investment in a strong affluent location with a long income weighted unexpired lease term of over 15 years (excluding breaks).
Wilkinson Williams acted on behalf of Threadneedle Property Investments Ltd and CBRE acted on behalf of AXA Real Estate.
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