Retail Park in Essex is snapped up for £11.3m

Watergalde Retail Park Picture: GOOGLE STREET VIEW

Watergalde Retail Park Picture: GOOGLE STREET VIEW - Credit: Google Street View

A retail park in Clacton-On-Sea has been bought by regeneration developer and investor U+I for £11.3m.

Waterglade Retail Park, which is currently home to B&M, Halfords, Iceland and Carpetright, generates an initial yield of about 9% and was said to present an opportunity for U+I to achieve the double digit returns through intensive asset management and re-gearing leases.

The park was also home to a Comet store, which has closed down.

The 73,000 sq ft centre on the western side of the Clacton-on-Sea town centre was identified to bring U+I’s investment portfolio further in line with the company’s geographic focus on the London city region, Manchester and Dublin.

U+I chief executive Matthew Weiner told Insider Media: “We are pleased with the continued recycling of our investment portfolio, in line with our stated strategy.

“The Clacton acquisition is well-priced, provides a relevant offer to the catchment, and further opportunity to re-gear and reposition. It will support our longer-term target of delivering 10% annual total returns.”