Metric buys Wick Retail Park
Published: 17 November, 2010
Metric Property Investments has bought the Wick Retail Park in North East Scotland for £10.3m, reflecting an initial yield of 6.5 per cent
The 60,700-sq ft Open A1 (non food) retail park is fully let and anchored by Homebase, off a low average passing rent of £11.10 per sq ft with an average unexpired lease term of 12.7 years.
Upon settlement of 2011 rent reviews the running yield is expected to rise to 7.4%. Other key tenants at the park include Carpetright, Argos, New Look, Superdrug and Pets at Home.
This is Metric's seventh purchase since floating last year and it now has Following this transaction, Metric has an investment portfolio of £119m, with rents averaging £13.80 per sq ft, an unexpired lease term of 12.4 years, and occupancy of 99 per cent, by rental income.
Chief Executive Andrew Jones said: “The addition of Wick Retail Park provides Metric with another opportunity to use its asset management expertise to materially improve the tenant mix and introduce more ‘high street’ retailers to the park over time."
Harvey Spack Field advised Metric.
