Ipswich: Suffolk Retail Park, home to Next, Halfords and Argos, sold for £18.75m
- Credit: Archant
A RETAIL park in Ipswich has changed hands in a deal valued at nearly £19million, it was announced today.
Orchard Street Investment Management, a specialist commercial property investment manager, has acquired the Suffolk Retail Park from clients of Aberdeen Asset Management for £18.75million, reflecting a net initial yield of 7.1%.
The purchase was made on behalf of St James Place Wealth Management.
Suffolk Retail Park is a 96,787 sq ft retail park comprising six units which have Open A1 planning consent that includes the option for food retail on the majority of the site.
With a total passing rent of £1,406,824 and an average overall rent of £14.60/sq ft, the park is occupied by a strong line up of retailers including Next, Halfords and Argos.
Barney Rowe, partner at Orchard Street Investment Management, said: “Several factors make Suffolk Retail Park an attractive acquisition for our client, one of which is the property’s flexible planning consent in a town where retail park planning consents are typically restrictive.
“The opportunity this provides was demonstrated by the latest letting at £25/sq ft, versus the low passing rent across the remainder of the park.”
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CBRE advised Aberdeen and Morgan Williams advised Orchard Street.