Martin’s Properties acquires £15.5m West Sussex retail park
Martin’s Properties has acquired Bognor Regis Retail Park in West Sussex from an institutional investor for £15,475,000, reflecting a net initial yield of around 7%.
Located on a 5-acre site on the northern edge of Bognor Regis, the 83,982 sq ft fully-let scheme comprises six retail warehouse units and benefits from 280 car parking spaces.
Tenants include Home Bargains, The Food Warehouse, Matalan, Dreams, Halfords, and a KFC drive-through.
Gary Sherwin, head of transactions at Martin’s Properties, said: “As one of only two out-of-town retail schemes in the area, and with over 800 new homes planned or underway within a 10-minute drive, this investment provides a great opportunity for generating rental growth through active asset management using our in-house team. We have additional cash immediately available and are actively looking to deploy into additional core plus and value-add retail warehouse and multi-let industrial assets of £5-20m.”
Richard Bourne, CEO of Martin’s Properties, added: “This acquisition is part of the ongoing strategy to restructure our existing £115m regional investment portfolio with a focus on retail warehouse and industrial estates across the South of England, as well as a multi sector portfolio in Oxfordshire. All assets in the portfolio are in prime or growing locations and capitalise on occupational supply/demand imbalance and continued inward investment into the local area and economy.
“The Martin’s Properties portfolio also includes a £250m prime Chelsea mixed use investment portfolio and the development of a self storage portfolio across the South and South West of England using £35m of capital.”
Colliers advised Martin’s Properties. Edgerley Simpson Howe advised the vendor.