NFU Mutual Insurance Society, advised by HSM, has acquired the Centaurus Retail Park at Cribbs Causeway, Bristol for £47.15 million, representing a net initial yield of 5.53%.
The 81,751 sq ft retail park, which has been purchased from clients of Aviva Investors, generates an annual rental income in excess of £2.7 million. ESH advised Aviva.
The retail park is fully let and occupiers include Carpetright, TK Maxx, Tesco Homeplus, Maplin, Hobbycraft and Dreams. Current rents range from £31.58 to £43.58 per sq ft.
Located close to Junction 17 of the M5, the scheme is adjacent to the Mall at Cribbs Causeway regional shopping centre and includes a terrace of four retail warehouse units ranging from 5,194 sq ft – 30,886 sq ft and a further two units, totalling nearly 30,000 sq ft.
Commenting on the acquisition, Tom Bostock of NFU Mutual said: “The quality of the park’s in terms of occupiers and its location made it an attractive investment opportunity.
“Centaurus is located at the heart on one of the country’s main regional retail destinations which has an established complementary mix of mall, out of town retail and leisure uses, ensuring an enhanced dwell and spend time. The combination of tenant mix and unit size offers the opportunity for asset management and enhancement going forward ”