Avison Young Retail has acquired White Way Retail Park in Biggleswade on behalf of Wesleyan Assurance Society.
The freehold interest in this prime South East retail warehouse park was acquired before the end of the year for a price of £4.6m, reflecting a net initial yield of 7.70%. The property was originally marketed in June 2019 with a quoting price of £5.445m, reflecting a net initial yield of 6.50%.
The 18,264 sq ft scheme is fully let to Pets at Home, Halfords and Bensons for Beds, and produces a current rental income of £377,676 per annum. The park, which is situated adjacent to the A1(M), was constructed in 2015 being forward funded, along with the adjoining A1 Retail Park, for a price reflecting a net initial yield of 4.75%. The park benefits from a Weighted Average Unexpired Lease Term of 6.7 years and has an Open A1 (non-food) planning consent.
Jack Lloyd, Associate in the Retail Investment department at Avison Young acted on behalf of Wesleyan, said “This acquisition provides a good example of the opportunities available to well informed investors to acquire prime retail warehouse assets from the larger property funds who are seeking to reduce their retail weighting.”
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