Greenridge offloads Ipswich Waitrose and John Lewis store
Greenridge Investment Management has completed the sale of a Waitrose and John Lewis store at Futura Park in Ipswich for £28.6m, reflecting a net initial yield of 7.1%.
The property comprises purpose-built retail warehouse, extending to approximately 71,000 sq ft with 409 car parking spaces . It is let in its entirety to the John Lewis Partnership on a long lease with fixed rental uplifts.
Greenridge Investment Management originally purchased the asset in May 2024 for £21.9m as the third acquisition in its GO Fund, reflecting a net initial yield of around 8%. It was acquired as part of the group’s strategy to target high-quality, income-generating retail assets with strong underlying fundamentals.
Alex Walker, partner at Greenridge Investment Management, said: “This sale highlights that our conviction in well-located retail warehousing with secure contractual income to a strong covenant was justified at a point in the cycle when many others were retrenching investment activities. We’re delighted that our ability to unlock value through our defined strategies and disciplined acquisition process has again resulted in an excellent return for our investors.”