Glenbrook Investments has completed the acquisition of Springfields Retail Park in Newcastle Under Lyme in an off-market transaction for £8million.
The deal follows on from the £4.9million acquisition of St Mary’s Gate Retail Park in Rochdale and Units 1 and 2 at Mariner’s Way in Preston from Threadneedle’s UK Property Authorised Investment Fund in March.
The 70,000 sq ft scheme is home to tenants B&M, Food Warehouse, Pets at Home, Halfords and McDonald’s, with one vacant unit of 10,000 sq ft being marketed by Petch & Co. The scheme provides a weighted average unexpired lease term (WAULT) of just under seven years with a passing rent of £750,000 per annum, providing a low average rent of £12.50 per sq ft.
Speaking about the acquisition, Scott Griffiths, Investment Manager at Glenbrook, commented: “Springfields Retail Park benefits from both prominence and convenience, with a complementary line-up of successful retailers perfectly aligned to the needs of its catchment. Amongst other attractive features, the scheme offers a low average rent providing affordability, downside protection and a solid platform from which to grow rents as the market recovers.”
The near seven-acre site has an unimplemented planning consent for a new drive-thru restaurant, which is now also being marketed by property consultancy, Petch & Co., with strong interest from a number of occupiers keen to gain access to the scheme.
Scott added: “We have a clear asset management strategy and we will now be implementing this to improve the performance of the scheme for the benefit of shoppers and the tenants, with a view to maximising the scheme’s potential.”
Petch & Co., Black Cat, Delta Simons and Brabners acted for Glenbrook Investments.