Wharfside Regeneration (Devon) Limited has sold Bircham Park, a new multi-storey car park development adjacent to Derriford Hospital in Plymouth, to Aviva Investors following a deal in which the Bristol office of CBRE acted as advisers to Wharfside.
The £22m deal for the development, which totals 615 car parking spaces and has approximately seven years unexpired to Plymouth Hospital NHS Trust, reflects an initial 6.1% yield to Aviva. There is also 8,861 sq ft of office space let to the Trust on a 20 year lease and six retail units comprising 6,434 sq ft, two of which have already been let to Pizza Hut and Subway.
Richard Peacock of Aviva Investors commented: “This acquisition secures an attractive income stream for the fund with the benefit of guaranteed rental increases and a medium term asset management opportunity to capitalise on the pressure on car parking capacity at Derriford Hospital.”
John Oxley, Director of Wharfside, said: “The sale represents the first phase of the development of the 16 acre brownfield site. We are working on the remaining 14 acres, which we hope will provide further commercial and residential facilities for the Derriford area of Plymouth as required by the city.”
