York retail park changes hands in £38m deal
Published: 23 September, 2010
ING has bought Phase 3 of the Clifton Moor Retail Park in York from Scottish Widows for £37.66m, representing a net initial yield of 5.59 per cent
The 144,300-sq ft retail park is let to Toys R Us, Comet, JJB Sports, Mothercare, McDonalds, Argos, Currys, Maplin at rents ranging from £21 to £26 per sq ft and has been purchased by ING on behalf of the West Midlands Metropolitan Authority Pension Fund.
Edgerley Simpson Howe and Joiner Cummings advised Scottish Widows Investment Partnership; CWM advised ING
.Jo Duffield of ESH said “The price achieved reflects the competition for this type of investment being an open consented park with a strong tenant line up. Clifton Moor is a significant out-of-town destination with two further retail parks, a VUE cinema and Tesco Extra adjacent. The sale for SWIP’s client reflects their strategic investment criteria.”
Mark Powell of CWM added “The market remains very competitive for quality open A1 stock, particularly with the shortage of available opportunities and we are delighted to have secured this asset for our client.”
