Whitwick retail park in Coalville sold to Corum for £9.9m
NewRiver has sold Whitwick retail park in Coalville to Corum Asset Management for £9.9m, reflecting a topped-up net initial yield of 6.9 per cent and delivering an unlevered IRR of 7.5 per cent. Whitwick spans 55,300 sq ft with 697 parking bays and a strong retailer line-up including B&M, Poundstretcher, Peacocks, Sports Direct and Pets at Home.
The park was sold following the completion a £1.2m programme of active asset management initiatives by NewRiver which included agreeing a new 15-year lease with B&M, upsizing Peacocks into a 10,000 -sq ft unit, introducing Pets at Home and Sports Direct into a unit formerly occupied by Littlewoods and upgrading the facades across the park.
NewRiver director Charles Spooner said: “The disposal of Whitwick Retail Park is a great example of how we at NewRiver are able to apply our specialist expertise and strong relationships with retailers to create and then crystallise value for our shareholders. Over the course of our ownership we have completely transformed the Park’s retail offer as well as its look and feel, creating an attractive retail park that is now aligned to meet the needs of the local community.”
NewRiver was represented by Knight Frank. Corum Asset Management was represented jointly by Paul McDowell and Egan PAM.