Wilkinson Williams

We were aware of The Crown Estates requirement for a dominant, good quality retail warehouse park, having already bought Victoria Retail Park, Nottingham and the Queensgate Centre, Harlow on their behalf. We therefore made an off market approach on their behalf for Racecourse Retail Park, Aintree.

The scheme was acquired for £101.3 million, reflecting a net initial yield of 5.40% from the vendors, London & Stamford Property plc. The property is let to Best Buy, Marks & Spencer, Comet, Next, B&Q, Halfords, Mothercare, Magnet, Boots, Pets at Home, Harveys, SCS and McDonald’s, and totals 295,055 sq ft. The weighted unexpired lease term is over 13 years.

Following the purchase of the scheme we were then instructed on the letting and asset management of the property by The Crown Estate.