Riverside Retail Park, in the Wincheap area of Canterbury adjoining the M2, has been sold by a client of Cornerstone Real Estate Advisers to Mayfair Capital Property Unit Trust.
The park is let to B and M, Pets at Home and Staples, with unexpired lease terms of between 9 and 14 years. The purchase price of £8.514m reflected a net initial yield of 7%. Edgerley Simpson Howe LLP acted for Cornerstone, whilst MCPUT were advised by CWM. For further details contact Tony Rogers.

Sporting Pro, the new sports fascia operated by Matalan in a collaboration with Intersport, have taken a 10 year lease on a 12,000 sq ft unit on Colchester Retail Park, Colchester.

The unit will be in the first batch of 5 store openings and is due to open in October. Other tenants on the retail park include a Matalan store in a separate unit along with retailers including Brantano and Maplin. Edgerley Simpson Howe were acting on behalf of the landlord, Standard Life Investments

Standard Life Investments UK Retail Park Trust has let 10,000 sq ft to Oak Furniture Land at £52.50 psf on a 10-year lease. Next has also taken 11,100 sq ft at the retail park on the same terms. Edgerley Simpson Howe and Harvey Spack Field advised Standard Life on the lettings.

The Danish retail chain Jysk have taken a 6,000 sq ft unit at South Baileygate Retail Park in Pontefract.

The unit was previously occupied by Dreams who went into administration earlier this year. The retailer took at 10 year lease at a rent of £48,000 pa. Edgerley Simpson Howe were acting on behalf of Helix Property Advisors with Morgan Williams acting for Jysk.

LondonMetric Property has bought a pair of retail warehouses in Cardiff and Milton Keynes from clients of JP Morgan Asset Management for £25.8m, reflecting a combined net initial yield of 8%.

The deals, which are being funded from existing resources, are at Westcroft Retail Park in Milton Keynes, where there is 75,600 sq ft of space across eight units let to tenants including Boots, B&M, McDonalds and KFC. The park is fully occupied with an average unexpired lease term of 6.8 years to expiry and first break.

In Cardiff, Seager Retail Park comprises 33,800 sq ft of bulky goods consented space let to Wren Kitchens, Carpetright and Pets at Home. The park is fully occupied with an average unexpired lease term of 8.3 years.

Following the acquisition, the LondonMetric retail investment portfolio will comprise 35 assets with a combined portfolio value of £384.5m, representing 33% of the enlarged LondonMetric portfolio.

The retail investment portfolio’s occupancy is 98%, with an average passing rent of £16.40 psf and a weighted average unexpired lease term of 10.6 years (9.8 years to first break). Fixed rental uplifts across the retail investment portfolio represent 24% of total retail rental income, and 10% of the group’s contracted rental income.

Andrew Jones, chief executive of LondonMetric, said: “Both parks offer significant asset management opportunities to re-gear the leases, improve the tenant mix and to grow the income.”

Edgerley Simpson Howe advised LondonMetric and Yarnold & Partners and Cushman and Wakefield advised the clients of JPMorgan Asset Management.

On behalf of our client Scottish Widows, ESH have spent numerous months agreeing new leases and regears with a number of the current retailers ahead of an extensive refurbishment at Weston Retail Park, Weston Super Mare.

New leases have been agreed with Halfords and British Heart Foundation who will also be swapping units. Bensons for Beds and Somerset Beds have also agreed new 10 year terms with Dunelm extending their lease by 5 years (expiry 2023).

SWIP are currently undergoing an extensive refurbishment of the scheme which will see the frontages of all the units modernized. In addition the council are in the process of improving the main access road, Marchfields Way, which will ease congestion and flow of traffic into the scheme.