Swiss Life puts Reading retail park on the market for £27.2m
Swiss Life Asset Managers has put Brunel Retail Park in Reading on the market with a price tag of £27,185,000, representing a net initial yield of 6%.
The 117,016 sq ft asset has a total site area of 8.3 acres and is supplemented by a 401-space car park. Tenants include Home Bargains, Halfords, Pets at Home, B&M, Dreams and The Range.
Two additional units are also under offer to Starbucks and Subway.
Located approximately midway between junction 11 of the M4 and Reading town centre, Brunel Retail Park produces an average rent of £14.88 per sq ft and has a weighted average unexpired lease term (WAULT) of c.11.9 years.
The freehold site has potential for an alternative residential or industrial uses in the longer term. In July 2021, planning permission was obtained to create a 90,000 sq ft logistics unit.
Interest has also been expressed by electric vehicle charging point operators to install charging points adjacent to the Halfords unit, with the purchaser able to progress this interest upon completion of the transaction.
XProp has been appointed to market the asset.