Wilkinson Williams

Press Release

Morley sell portfolio to Scottish Widows

Morley Fund Management have sold the portfolio of two retail parks and two B&Q Warehouses for a price of £85 million to Scottish Widows. The portfolio comprised the Kingsway Retail Park in Rochdale, which extends to 92,828 sq ft and is let to The Range, Netto, Klaussner, Comet, JJB Sports and McDonalds, with rents being between £10.91 and £15.06 per sq ft. This scheme has a bulky goods planning consent and the apportioned price reflects a net initial yield of approximately 5.17%. The Pallion Retail Park in Sunderland benefits from an open non food consent (food in part) and is occupied by Dunelm, KwikSave, Iceland, Poundstretcher and Shoefayre at rents between £11.38 and £12.00 per sq ft. The apportioned price for this property reflected a net initial yield of 4.96%. The B&Q Warehouses in Dundee and Bilston are let to the tenant on leases expiring in 2024 and 2018 respectively at rents of £13.10 and £13.00 per sq ft. The apportioned prices for these units reflected a net yield of 5.21% and 4.81% respectively.

Wilkinson Williams acted for the vendors, Morley Fund Management.

For further information please contact Miles Marten

m.marten@wilkinsonwilliams.co.uk