Wilkinson Williams

We became aware prior to marketing, that the freehold interest in Foss Islands Retail Park was for sale. We knew of Threadneedle Property Investments Ltd’s requirement for a good quality retail warehouse park investment and introduced the property to them. After a competitive bidding process we secured the property on their behalf Park at a price of £26,250,000, reflecting a 5.90% net initial yield, from AXA Real Estate on behalf of AXA Sun Life.

The property represents a secure retail warehouse investment in a strong affluent location with a long income weighted unexpired lease term of over 15 years (excluding breaks). The scheme was developed in 2007 and provides 87,409 sq ft of bulky goods retail warehouse accommodation arranged in 7 units let to Homebase, TK Maxx HomeSense, Dreams, Kütchenhaus, Dreams and Pets at Home. There is also an A3 unit let to Frankie & Benny’s and a unit occupied by Kwik Fit. The scheme benefits from being anchored by a Morrisons foodstore and a newly developed Waitrose foodstore. The scheme was let in a weakened occupational market and rents range from £18.00 per sq ft to £20.32 per sq ft.