Swiss Life offloads Nottingham retail park for £18.65m

Swiss Life Asset Managers has sold a retail warehouse scheme in Nottingham to a private investor for £18.65m.

Lady Bay Retail Park occupies a 7.6 acre site and comprises 105,000 sq ft of retail space arranged across 13 units.

Key tenants at the freehold scheme include The Range, Hobbycraft, The Food Warehouse, Dreams, Burger King, Subway, and Greggs.

The scheme is also supplemented by a 400-space car park.

The asset collects a total rent roll of £1,592,829 per annum, representing an average passing rent of £15.09 per sq ft.

The £18.65m purchasing price represents a net initial yield of 8%.

Font Real Estate advised the purchaser, and has been retained as the scheme’s asset manager. BNP Paribas Real Estate advised Swiss Life Asset Managers.