Edgerley Simpson Howe LLP

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AXA IM – Real Assets have disposed of Friary Retail Park in Plymouth.

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AXA, advised by ESH, originally purchased the open A1 non-food retail park in 2009 for £11.5million and have since vastly improved the property fundamentals through extensive asset management.

AXA extended, sub-divided and re-let the former Wickes unit and developed additional space on the scheme. The overall annual income has improved to £1.7million with the new lettings and the scheme now provides an average weighted unexpired term of over 7 years including breaks. The retail park is fully let to multi-national operators Dunelm, Pets at Home, Hobbycraft, Poundstretcher, Smyths Toys, Poundland and Costa Coffee.

ESH represented AXA on their disposal and the property was purchased by Plymouth City Council.