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Recent investment Transaction

CBREI Purchase The Range and Wren at Grafton Gate, Milton Keynes - Dec '13

10th December 2013

CBRE Global Investors have purchased the freehold interest of a newly constructed retail warehouse development on Grafton Gate in Milton Keynes. The purchase price of £11,855,000 reflects a net initial yield of 6.46%. The scheme has been fully let to The Range and Wren Kitchens on new 25 year and 10 year leases respectively at rents of £14.50 & £23.00 per sq ft. The Range lease incorporates a fixed uplift in Year 5 which will increase the yield further. The planning consent allows for the sale of a wide range of bulky goods. The scheme sits opposite Homebase and near to Winterhill Retail Park where retailers include Paul Simon, Dunelm, DFS, SCS, Carpetright, Oak Furnitureland, Furniture Village and Harveys. ESH acted for CBRE Global Investors.