Canada Life hands Grimsby retail park £4.5m price tag
Canada Life Asset Management has placed a retail park in Grimsby on the market for £4.46m.
Constructed in 1997, High Point Retail Park spans 33,070 sq ft and is currently home to Currys and Dreams. Wren Kitchens signed a lease for the third and final unit in July and is yet to open.
Currys has been in occupation since 1997 and renewed in 2019, whilst Dreams has traded since 2018 and renewed in 2023.
The asset has a weighted average unexpired lease term of 7.3 years to expiry and a gross current rent of £395,027 per annum, representing £11.95 per sq ft.
There is also an opportunity to install electric vehicle charging points with initial discussions having already taken place with a national operator, the benefit of which will be passed to the purchaser.
High Point Retail Park is situated on the A16 and sits adjacent to Victoria Retail Park, home to operators including Bensons For Beds, Sports Direct, Smyths, Next, and The Gym Group.
The scheme is also located across the River Freshney from Alexandra Retail Park, which hosts retailers including Oak Furnitureland, Poundstretcher, Pets At Home, The Food Warehouse, ScS, and Matalan.
Other occupiers in the area include Burger King, Dunelm, Asda, B&M, Home Bargains, Tesco Extra, Halfords, B&Q, and Sainsbury’s (with Argos).
Avison Young – which has been appointed to market the property – said an acquisition at the guide price would represent a net initial yield of 8.25% after deductions.