Moorgarth sells in Wisbech

Published:  14 February, 2012

Moorgarth Ventures has sold theElmsRetailParkto Aberdeen Asset Management for £24.5m, reflecting a 5.32 per cent initial yield

The property, in Elm High Road, comprises a 48,571-sq ft foodstore occupied by Morrisons on a new 35 year lease (with break option at year 20), along with two retail warehouse units trading alongside let to B&Q and B&M with 8 and 10 years unexpired lease terms respectively.

Edgerley Simpson Howe advised Moorgarth and investment partner Jamie Naughton said: “Our client has crystallised a profit on the scheme and the fact one of the main fund managers has bought it is of no surprise. With 70 per cent of the income secured to Morrisons they are a preferred source of income at the current time for Institutions.”

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