Wilkinson Williams advised LaSalle Investment Management in the sale of their freehold interest in St Nicholas Gate Retail Park, Carlisle. The property was acquired in December 2017 by Custodian Capital.
The dominant scheme comprises 108,440 sq ft and is let to B&M Home Store, Poundland, Iceland, Halfords and Oak Furniture Land, with one unit available. The Asda is held on a concurrent lease with the purchaser benefitting from a reversion from £1 per annum to full ERV at lease expiry in 2038. Current rent of £889,718 per annum, including a rental top up.
The purchase price was £12.1 million, which reflects a net initial yield of 6.89%.