Tuesday, April 17, 2023
Liverpool Victoria sells High Point Retail Park, Grimsby
Liverpool Victoria Friendly Society, advised by Edgerley Simpson Howe & Partners, has sold the freehold investment in High Point Retail Park, Grimsby to Canada Life for £11.3m.
The property comprises three retail warehouse units totalling 32,896 sq ft (3,056 sq m). The units are let to Currys, Carpet Right and Maplin Electronics on 25-year leases until 2022, at a total rent of £376,183 pa.
The deal reflects a net initial yield of 3.15%, with rent reviews on all 3 units due in Autumn this year the reversionary yield is 4.84% on current ERV.
Tony Rogers of ESHP comments: "This is a sound investment with good covenants and excellent rental growth potential. In line with the market increase, the next rent reviews could see rents jump from £11 to £20 per sq ft."
Canada Life was advised by CBRE.
The property comprises three retail warehouse units totalling 32,896 sq ft (3,056 sq m). The units are let to Currys, Carpet Right and Maplin Electronics on 25-year leases until 2022, at a total rent of £376,183 pa.
The deal reflects a net initial yield of 3.15%, with rent reviews on all 3 units due in Autumn this year the reversionary yield is 4.84% on current ERV.
Tony Rogers of ESHP comments: "This is a sound investment with good covenants and excellent rental growth potential. In line with the market increase, the next rent reviews could see rents jump from £11 to £20 per sq ft."
Canada Life was advised by CBRE.
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