Wilkinson Williams

Wilkinson Williams were instructed by The Junction Limited Partnership in 2009 to provide investment advice with regard to a potential sale of Slough Retail Park and Kittybrewster Retail Park in Aberdeen.

We received an off market approach for the properties and our advice to our client was to negotiate with this party, as we felt we could achieve a strong price and a quicker transaction with them, rather than carrying out a wider marketing campaign.

Kittybrewster Retail Park in Aberdeen extends to approximately 141,500 sq ft and is let to DFS, Sports Direct, Harveys, Comet, TK Maxx, DSG, Staples, Halfords and Carpetright, with one vacant unit. The park has an open planning consent, an unexpired lease term of approximately 10.7 years and average rents of circa £22.00 per sq ft. The price achieved was £31.24 million, reflecting a net initial yield of 8.75%.

Slough Retail Park, Slough extends to approximately 153,000 sq ft and is occupied by Homebase, Easy Living, Harveys, Wickes, DFS and Carpetright, with a unit of circa 22,700 sq ft currently being vacant. The scheme is let off an average rent of £29.47 per sq ft, with an average unexpired lease term of approximately 10.4 years. The purchaser paid a price of £50.5 million, reflecting a net initial yield of 8.43%.

The parks were purchased by clients of Threadneedle Property Investments Limited.