£14.6m Hertfordshire retail park brought to market
A retail park in Letchworth, Hertfordshire has been placed on the investment market with an asking price of £14,620,000, reflecting a net initial yield of 6.45%.
Plinston Retail Park spans 69,238 sq ft and comprises four purpose-built retail warehouse units let to Home Bargains, Pets at Home, Iceland, and Halfords. The scheme has a weighted average unexpired lease term of 8.5 years to expiry.
Plinston Retail Park is also home to standalone Wickes and Burger King units, both of which have been sold off on a long leasehold basis, and benefits from 324 parking spaces.
Park Place Retail – which has been appointed to find a suitable purchaser – there are also immediate asset management opportunities at the scheme, including the development of a drive-thru pod which has planning permission.