Commercial Property News

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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.