The Crown Estate have purchased the freehold interest in Ocean Retail Park, Portsmouth from The Junction.
The property comprises a retail warehouse park of 8 units, arranged in an “L” shaped terrace, centred around the customer car park, together with a standalone drive-thru unit located at the entrance to the scheme, and totals 170,323 sq ft. The scheme is occupied by predominantly bulky goods tenants, including Toys “R” Us, Carpetright, Comet, Paul Simon, Homebase, Halfords, Currys, PC World and McDonald’s at rents between £13.50 per sq ft and £30.00 per sq ft. There are several asset management initiatives which can be implemented on the scheme, including the construction of 2 pod units, which are under offer to Carphone Warehouse and Subway.
The scheme was purchased for a total price of £61 million, which comprised an effective price of £60,250,000, plus a further £750,000 as a residual site value for 2 further units, which are subject to exchanged Agreements for Lease. The base price reflects a net initial yield of 5.87%.
Wilkinson Williams acted on behalf of The Crown Estate and The Junction was represented by Cushman & Wakefield.
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