Exe Bridges Retail Park in Exeter sold for £31 million

On behalf of clients, LaSalle Investment Management, Wilkinson Williams acted in the sale of the long leasehold interest of the Exe Bridges Retail Park in Exeter for a price of £31 million.

The property was sold to clients of Legal & General and comprises a modern, attractive retail park benefiting from an open A1 non-food planning consent, extending to approximately 67,810 sq ft.  The scheme is occupied by Boots, Next, TK Maxx, Marks & Spencer Foodhall, Pizza Hut and Poundland, with rents ranging between £29.50 per sq ft and £31.00 per sq ft.  The scheme benefits from a weighted average unexpired lease term of approximately 7.5 years.  The purchase price reflected a net initial yield of 6.19%.