Metric buys in Mansfield
Published: 23 September, 2010
Metric Property Investments has bought the Nottingham Road Retail Park in Mansfield from private clients of CBRE Investors for £7.25m
The park provides 47,100 sq ft of retail space over three units of which two are currently occupied by Dixons Retail, trading as PC World and Currys, with the remaining 16,000 sq ft unit vacant, having previously been let to MFI. The current average passing rent is £13.30 per sq ft.
Following this acquisition, Metric has spent or committed approximately £90m, representing almost 50 per cent of the proceeds from its IPO which took place less than six months ago.
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.
