Investment deals

Cannock.

Hobart Partners, advised by GCW, have bought a prime out of town retail warehouse investment in Cannock for £5.43m.   

The 24,524 sq ft Roman Way Retail Park is made-up of three terraces, with tenants DFS, Starplan Furniture, and Porcelanosa, generating £570,205 pa rental income. 

The scheme is fully let and offers a sound investment fundamental and rental growth prospect combined with an attractive WAULT of over 7.5 years.

Overall, the retail warehousing market is buoyed by the strong occupancy levels, high demand and improving investor confidence.  

Oli Horton, GCW partner, said: “The retail warehouse market has outperformed all other retail sectors, with the strong fundamentals of low vacancy rates, growing rents and institutional investor demand expected to drive yield compression further.”

He added: “Buying a secure well-located asset yielding 10% is compelling. Acquiring and transacting assets like this shows the collective hard work of our team in a sector where we are increasingly active.”

Greenwich.

GCW have acted on another nursery investment on behalf of Lightstone, with the purchase of the N Family in Greenwich, purchased for £1,825,000 showing 6.50% NIY.

The new purpose-built nursery is part of the ongoing Greenwich Peninsula Regeneration, set within the Greenwich Millenium Village development which will provide 2,800 new homes. 

The multi floor unit was let to the growing nursery operator N Family Club on a new 25-year lease benefiting from RPI linked reviews and no break options.

This purchase continues to showcase GCW’s strength in the nursery investment sector and is the second purchase of a nursery in Greenwich that the firm have been involved with in the last 12 months. 

East Sheen.

260-270 Upper Richmond Road, with tenants WH Smith, Superdrug and Dreams, has been sold on behalf of CBRE GI. GCW achieved ahead of valuation at a price of £3.51m reflecting 6.73%. The block is on a prime pitch next to footfall generating anchor Waitrose and car park.

GCW offered a full leasing and lease renewal asset managed service to maximise a good exit for the client.

WH Smith is in a 4,271 sq ft space, with a lease expiry of November 2027, Superdrug’s lease runs until July 2029 on 4,457 sq ft space, while Dreams took the old Amazon Fresh unit of 4,962 sq ft on a lease lasting until July 2034. 

Hackney.

The freehold asset of 404 Mare Street was bought by GCW in January on behalf of a private investor. 

Prominently located in the centre of Hackney’s retail district, the mid-terrace building has a ground floor retail space, currently let to Halifax, on a new 10-year lease.