Park Place Retail has been appointed to market two retail and leisure assets with a combined value of almost £50m.
Southampton Road Retail Park in Salisbury and Merantun Way leisure park in West London have been placed on the market with guide prices of £25,050,000 and £24,300,000, respectively. The asking prices represent net initial yields of 7%, with the latter increasing to 7.46% before October.
Comprising 127,482 sq ft of retail space, Southampton Road Retail Park is fully let to occupiers including The Range, Currys, Next, Hobbycraft, Oak Furnitureland, DFS, Tapi Carpets, and B&M.
The asset produces £1,871,905 of rent per annum, with a WAULT to expiry of just under 7 years. The scheme also benefits from a 440-space car park and has a BREEAM ‘Very Good’ classification.
Merantun Way in Colliers Wood comprises 58,148 sq ft of floor space and is home to KFC, Pizza Hut, a 168-bed Premier Inn hotel and a Nuffield Health gym. It also benefits from a 198-space car park.
The scheme has a long WAULT of over 11 years to expiry, and generates an annual rent of £1,879,773. The asset also has a guaranteed short-term uplift in income, with 44% of the income guaranteed to increase before October.
Park Place Retail launched in November 2023, and advises across the out-of-town retail, food store, and leisure sectors.