GCW introduced the 43,315 sq ft retail park opportunity to the investor. The scheme comprises three retail warehouses let to Wickes, Pets At Home and B&M Bargains in a well-let, prominent and well-configured retail park.
GCW then provided subsequent due diligence advice within a short period resulting in a successful bid in a competitive bidding scenario. GCW produced a purchase report and guided the client through acquisition from private development company Foinavon for £11.234 million. The investment has an average weighted unexpired lease term of 8.5 years. The rent roll is £691,463 pa and the purchase reflects a net initial yield of 5.82%.
Aberdeen Asset Management subsequently confirmed its satisfaction with the acquisition showing ‘superb rental and capital growth potential’.