Brighton retail park handed £39.4m price tag
A retail park in Brighton has been placed on the investment market with an asking price of £39,352,000, reflecting a net initial yield of 5.43%.
Pavilion Retail Park on Lewes Road comprises 77,387 sq ft of gross internal area across a 5.24-acre site. The scheme, which was refurbished in 2017 and 2018, is fully let to five national occupiers, including B&Q, Aldi, Halfords, Hobbycraft, and Costa.
The asset has a weighted average unexpired lease term of 6.3 years to expiry, and produces an contracted rent of £2,100,875 per annum.
Pavilion Retail Park benefits from an affluent and expanding 20-minute drivetime catchment of circa 376,000 people, skewed towards higher income households. It is also sitauted adjacent to a University of Brighton campus and approximately 1,544 purpose-built student accommodation beds.
Other nearby schemes include Goldstone Retail Park, Brighton Retail Park, Davigdor Road Retail Park, and Hollingbury Retail Park.
XProp has been appointed to find a suitable purchaser.