Retail Park in Essex is snapped up for £11.3m
- 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.
You may also want to watch:
“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.”
- 1 Postman who abandoned 'undriveable' van wins unfair dismissal claim
- 2 Jack Whitehall praises award-winning Suffolk gastropub after visit
- 3 Town face competition from Championship club for Rotherham midfielder Crooks
- 4 A14 and A12 set for major upgrade work
- 5 Former Ipswich Town boss Keane as you've never seen him before
- 6 Full list: Everyone in Suffolk in the Queen's Birthday Honours 2021
- 7 Caravans pitch up at Felixstowe car park
- 8 Coronavirus 'growth rate' rises further in East Anglia
- 9 5 cheap or free things to do in Suffolk this weekend
- 10 Glass found in popular paddling pool forcing it to close