Telford retail park sold in £42m deal
Wrekin Retail Park in Telford has been acquired by commercial property manager Hammerson for £42m. The 145,261 sq ft property was sold by Legal and General Property, which had owned the park since its development in 1996.
The retail park has open A1 planning consent and adjoins an owner-occupied Tesco Extra store. It is fully let to nine retailers including Asda Living, Boots, Homebase and Matalan.
Gross rental income is £2.6m per annum with an average unexpired lease term of more than ten years. Average rents are approximately £18 per sq ft.
David Atkins, chief executive of London-based Hammerson, said:"Retail parks represent a significant part of our portfolio. They remain in demand from our occupiers and their customers thanks to their convenience, accessibility and affordability for tenants.
"Wrekin is an excellent asset with a strong anchor and wide planning consent. It has secure, reversionary income, and we aim to improve future returns through specific asset management initiatives including the introduction of further high quality brands and increasing the catering offer."
