Parkridge in £9.2m retail deal
Solihull-based Parkridge has sold Alban Retail Park to Metric Property Investments for £9.2m. Metric says it will use its existing cash resources to finance the purchase.
The park, in Bedford, comprises 65,000 sq ft of restricted open A1 space let to Focus and Dunelm.
Andrew Jones, chief executive of Metric, said: "Alban Retail Park offers a number of angles where we can apply our asset management expertise to improve the income and tenant mix at the park.
"The short unexpired lease term, low base rent and positive occupational demand offers a great opportunity to put accretive capital expenditure to work and execute a programme of initiatives, which would lengthen and strengthen the income stream.
"We also look forward to working with both Dunelm and Focus to help them meet their strategic objectives at the park."
Harvey Spack Field advised Metric. Montagu Evans advised Parkridge.
