Wilkinson Williams have sold Madford Retail Park, Luton on behalf of CBRE Global Investors, a wholly owned subsidiary of Sports Direct.
Wilkinson Williams were quoting a price reflecting 7% NIY for the 2 unit scheme let to PC World and Tyre City. However, there was significant demand for the property due to asset management angles, including a potential surrender of the PC World lease and reletting to Aldi on a 20 year lease with RPI linked reviews. This resulted in several bids for the asset and a final price achieved of 6.5% NIY.
The subject property is situated in a prominent location on Dunstable Road, in the main retail warehouse pitch for the town, and is arranged across 2 units totalling 36,255 sq ft, occupied by PC World and Tyre City. The rent totals £561,650 per annum, reflecting £17.75 per sq ft and £7.34 per sq ft on the PC World and Tyre City units respectively.
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