Wilkinson Williams

We have bought and sold a number of properties for Gallaghers over the last 3 years. The most recent transaction was the sale of the open consented retail park in Scunthorpe totalling 101,487 sq ft and occupied by B&Q, Next, Toys R Us and TK Maxx. All the rent reviews were outstanding and a deal was agreed whereby the vendors would keep control of these. The purchaser agreed to buy the park for a net initial yield of 5.75%, paying the same rate for the uplifted income as and when the rent reviews were agreed. This should equate to an overall lot size of £27.34 million. The transaction completed in May 2008.