Hammerson buys Telford retail park for £42m
Published: 29 November, 2010
Hammerson has bought the Wrekin Retail Park in Telford, for £42m from Legal & General Property
Developed in 1996, the 145,261-sq ft Wrekin Retail Park has open A1 planning consent and adjoins a Tesco Extra store. The park is fully let to nine retailers including Asda Living, Boots, Homebase and Matalan. Gross rental income is £2.6 million pa with an average unexpired lease term of over 10 years. Average rents are approximately £18 per sq ft.
Hammerson chief executive David Atkins said: "Retail parks represent a significant part of our portfolio. They remain in demand from our occupiers and their customers thanks to their convenience, accessibility and affordability for tenants.
Wrekin is an excellent asset with a strong anchor and wide planning consent. It has secure, reversionary income, and we aim to improve future returns through specific asset management initiatives including the introduction of further high quality brands and increasing the catering offer."
