Canada Life hands Bournemouth retail park £28.5m price tag
Canada Life Asset Management has placed a retail park in Bournemouth on the investment market with a guide price of £28.5m, reflecting a net initial yield of 7.00%.
Turbary Retail Park is located on an 11.4 acre site and spans five retail warehousing units, extending to 167,246 sq ft.
The freehold scheme is fully let to tenants including Wickes, Matalan, Pavers, Dunelm, and The Range. It generates a total rental income of £2,126,319.32 per annum, reflecting an average rent of £12.71 per sq ft.
The asset has a weighted average unexpired lease term of 10.15 years to expiry, with The Range and Wickes recently signing lease regears. None of the tenants’ contracts are subject to break clauses.
Turbary Retail Park also benefits from a 737-space car park.
The scheme is situated on the A438 Ringwood Road, with nearby retail provision including Ringwood Road Retail Park and a Lidl Supermarket.
A number of asset management opportunities are available to a prospective buyer, including rent reviews for existing tenants, the installation of EV charging points and/or solar panels, and the acquisition of a small site to the front of the park, which could be suitable for the construction of a drive-through unit.
Green & Partners has been appointed to find a suitable purchaser.