£5.4m Staffordshire retail park changes hands
A retail park in Cannock, Staffordshire with a price tag of £5.35m has been acquired by Hobart Partners.
Constructed in 2012, Roman Way Retail Park extends to a total area of 24,524 sq ft across a 1.88 acre site.
The scheme comprises three retail warehouse units – fully let to DFS, Porcelanosa, and Starplan Furniture – and generates a rental income of £570,205.20. It also has a weighted average unexpired lease term of 7.28 years to break and 7.73 years to expiry.
Although the purchase price of the transaction was not disclosed, the property was listed with an asking price of £5,350,000, representing a net initial yield of 10.0% and a capital value of £218 per sq ft.
Alex Darlington, director of capital markets at Avison Young, which acted for the vendor, said: “This prime retail warehouse investment offered an excellent opportunity for our client to capitalise on strong investor demand in the retail warehousing sector. With resilient occupier demand, lower operational costs than high streets, and growing alignment with omnichannel retail strategies, now is a great time for landlords to unlock value in well-let retail warehouse assets.”
GCW acted for Hobart Partners.