Nottingham Road Retail Park goes Metric
Metric Property Investments has bought Nottingham Road Retail Park in Mansfield for £7.25m. The retail real estate investment trust said it will use existing cash resources to finance the purchase.
The property was purchased from private clients of CBRE Investors.
The park provides 47,100 sq ft of retail space over three units, two of which are currently occupied by Dixons Retail, trading as PC World and Currys.
The current average passing rent is £13.30 psf.
Andrew Jones, chief executive of Metric, said: “Nottingham Road Retail Park is a good example of where Metric can use its strong network of retailer relationships and asset management expertise to enhance value. With five investments under management, we are beginning to build a strong pipeline of opportunities to grow income.
"Our key objective is to institutionalise secondary retail properties by strengthening and lengthening the income stream."
Savills advised Metric on the acquisition.
