AXA, advised by Edgerley Simpson Howe LLP, have sold the Mecca Bingo and Home Bargains on Queens Road, Beeston, Nottingham

AXA, advised by Edgerley Simpson Howe LLP, have sold the Mecca Bingo and Home Bargains on Queens Road, Beeston, Nottingham to First Property for £4,695,000. The price reflects a net initial yield of 7.25%. The scheme comprises approximately 40,000 sq ft let at rents of £8.43 and £9.14 per sq ft with lease expiries in 2023 and 2025. Mecca Bingo has a fixed uplift in 2013. Home Bargains has a tenant break option in 2020. Jamie Naughton comments “This was a non core asset for the fund and made sense to sell at a competitive price. This sale demonstrates the continuing demand for retail warehousing from a diverse range of buyers”.

LV=Asset Management has sold the freehold interest in Keighley Retail Park, Keighley in West Yorkshire for £14.2 million

LV=Asset Management has sold the freehold interest in Keighley Retail Park, Keighley in West Yorkshire for £14.2 million reflecting a net initial yield of 6.25%. THe scheme, which comprises 65,000 sq ft, is occupied by Currys, JJB, COmet, Halfords, Dreams, Brantano, Sleepmasters, Jollyes and KFC and benefits from an open A1 non food planning consent. After a competitvie bidding process Henderson Globel Investorst secured the property for their UK Property Unit Trust. (Feb 2011)

The former Borders unit at the interchange of Portway / Grafton Street, Milton Keynes has been let to Cotswold Outdoor on a 10 year lease.

The former Border unit at the interchange of Portway / Grafton Street, Milton Keynes has been let to Cotswold Outdoor on a 10 year lease at an inital rent of £280,000 pa. The 15,684 sq ft unit, with a further 4,960 sq ft mezzanine has been vacant since Borders entered administration in 2009. This is to become a flagship store for Cotswold Outdoor, with concessions granted to Costa Coffee, Up and Running and Trek Cycles.

Tim Hornor of Edgerley Simpson Howe advised Associated British Foods Pension Fund.

CB Richard Ellis Investors, advised by Edgerley Simpson Howe, has purchased the freehold interest in the Staples unit in Epsom

CB Richard Ellis Investors, advised by Edgerley Simpson Howe, has purchased the freehold interest in the Staples unit, East Street, Epsom for the Pfizer Pension Fund. The purchase price of £4,700,000 represents a net initial yield of 5.92%. The property comprises a stand alone retail warehouse of 13,762 sq ft situated close to the town centre and fronting the A24 East Street. The lease has a further 10 years unexpired and the passing rent equates to £21.40 per sq ft with the 2010 rent review outstanding. Fund Manager Richard Dean of CBREI comments ‘Epsom is a strong town with a very limited supply of retail warehousing and we believe this is a good opportunity off a sensible base rent and with a favourable planning consent.’ The vendor was a private client represented by Miles Commercial. (Feb 2011)

ESH, acting on behalf of Aviva Investors, have let a unit on Centaurus Retail Park at Cribbs Causeway to US electrical retailer Best Buy.

ESH, acting on behalf of Aviva Investors, have let a unit on Centaurus Retail Park at Cribbs Causeway to US electrical retailer Best Buy. The deal represents Best Buy’s seventh sotre in the UK after Thurroock, Hedge End, Merry HIll, Aintree, Croydon and Derby. The unit comprising 39,934 sq ft has been let on a new 10 year lease at a rent eqauting to £31.00 per sq ft. Nick Howe of ESH said ‘Cribbs Causeway is the dominant out of town retail destination for the south west of England and this is a good deal for Aviva and gives Best Buy good store in an important location.’ Other occupiers in the area include John Lewis, Asda Walmart, Tesco Homeplus, Toys R Us, Halfords, TK Maxx and Maplin.

Schroders Exempt Property Unit Trust (SEPUT), advised by Edgerley Simpson Howe (ESH) have bought Hall Road Retail Park, Norwich.

Schroders Exempt Property Unit Trust (SEPUT), advised by Edgerley Simpson Howe (ESH) have bought Hall Road Retail Park, Norwich. The 145,751 sq ft retail park is let to Homebase, Pets at Home, Aldiss and Bennetts at rents ranging from £12.47 – £15.91 per sq ft. Jo Duffield of ESH said “We have been looking to buy this park for SEPUT for some time, originally from Targetfollow. The various asset management opportunities makes it an interesting investment, notwithstanding the excellent income profile with circa 55% of the income secured to Homebase for a further 15 years. The eventual deal struck with Deloittes, acting as administrators, was performed in a tight time frame with both sides working exceptionally hard to see the transaction through to a swift conclusion.” Ian Mason, SEPUT’s Fund Manager added “We are delighted to have secured this asset for SEPUT, as it is one of only a few we have seen in the current market that fits our investment model. The Park occupies a dominant out of town location in a City with a strong catchment. It not only gives our investors the strong income characteristics they need in the short term, but more importantly the low rental base and known retailer demand for the scheme present some interesting and deliverable asset management opportunities moving forward.” Edgerley Simpson Howe advised SEPUT; Deloittes LLP acted as the administrators for Targetfollow.