Acting for family office clients of Glenbrook, we are pleased to have concluded the purchase of this retail park investment. Originally, it was presented for sale at the beginning of 2018 with an asking price of £5,200,000 but investor sentiment became tainted by the malaise of the retail sector. The investment was eventually acquired for a price of £2.825m and it is expected to generate a running return of approximately 10% for the new owners.
At first glance, it is easy to dismiss this type of product. However, there is much to commend. The scheme dominates the local market and has a flexible planning consent. The occupier profile is convenience orientated and includes representation from such reputable retailers as Home Bargains, Pets At Home and Iceland. All the tenants report satisfactory trading performance and the passing rents are perceived to be sustainable. Comprising a site area of over 3 acres, and a car park for over 200 vehicles, it also includes land for additional development.
Unfortunately, the scheme lost Poundstretcher following their recent administration but there is already strong occupier interest from a replacement traditional retailer. Hence, the investment offers a stable income with asset management potential. For letting opportunities, please contact Barrie Cochrane (07778 159924)