Sports Direct have signed an agreement for lease to take a unit at the Prudential’s Cork Tree Retail Park in Chingford. The existing terrace will be refurbished and subdivided to create new units alongside a new Hobbycraft and Halfords who are relocating from a larger unit on the scheme.

Sports Direct will take a 9,200 sq ft unit on a 10 year lease at £27.50 psf.

Edgerley Simpson Howe acted for Sports Direct.

Moorgarth Ventures has sold Elms Retail Park, Elm High Road, Wisbech to Aberdeen Asset Management for £24.5m.

The deal reflects a net initial yield of 5.32%.

The property comprises a 48,571 sq ft foodstore occupied by Morrisons on a new 35 year lease (with break option at year 20), along with two retail warehouses let to B&Q and B&M with 8 and 10 years unexpired lease terms respectively.

Jamie Naughton, investment partner of Edgerley Simpson Howe, which advised by Moorgarth, said: “Our client has crystallised a profit on the scheme and the fact one of the main fund managers has bought it is of no surprise. With 70% of the income secured to Morrisons they are a preferred source of income at the current time for Institutions.”[/vc_column]

Aberdeen Asset Management has bought a newly built Waitrose in Kings Hill, Kent, on behalf of one of its institutional property funds.

The unit was bought from a private development company for £3.16m – a 4.85% net initial yield.

Waitrose has let the 9,000 sq ft unit at a rent of £162,000 per annum on a new lease of 15 years.

Aberdeen was advised by Edgerley Simpson Howe; the vendor was advised by Strutt & Parker.

Jamie Naughton, partner at ESH, said: “This is a quality asset in an affluent south east demographic which benefits from geared reviews providing guaranteed performance.”

Fund manager Brockton Capital has teamed up with fund and asset manager Pradera to invest around £250m in first generation retail parks.

In what will be Brockton’s first foray into the out-of-town market, the pair aim to build up a portfolio of between five and eight retail warehouses.

The joint venture will focus attention on early generation retail warehouse parks that require fresh capital for refurbishment and repositioning, to make them more relevant for today’s retailers.

The pair hope to take advantage of historically advantageous pricing and have just completed their first purchase, Cardiff Gate Retail Park. Among the tenants at the scheme are B&Q, DFS, Harveys and McDonald’s.

Neil Varnham, a director at Pradera added; “Retail Warehousing will prove to be one of the most resilient property sectors, as it adapts and flexes to accommodate changing retailers’ requirements in the future.”

Savills advised Scottish Widows at Cardiff Gate; Edgerley Simpson Howe advised Pradera and Brockton Capital.

LV= Asset Management, advised by Edgerley Simpson Howe LLP, have sold the Halfords, Ringwood Road, Poole for £2.65 million reflecting a net initial yield of 7.75%. The property was purchased by Cromwell Holdings.

The unit comprises 14,574 sq ft at ground floor and is let to Halfords Ltd on a lease expiring in September 2017 at a rent of £14.93 per sq ft. The planning consent is for open A1 non-food use.

Stephen Smart & Company advised Cromwell Holdings. 

Mayfair Capital, advised by ESH, have sold the 24,780 sq ft Dunelm in Middleway, Birmingham for £4 million to Henderson Global Investors. The purchase price reflects a net initial yield of 7.44%.

The property is prominently located on the city centre ring road and benefits from an open A1 non-food planning consent. The rent is £314,670 per annum, equating to £12.70 per sq ft and there is approximately 8 years unexpired.

Gerald Eve advised Henderson.

For further details contact Michael Radcliffe.