Metric acquires Channons Hill Retail Park in Bristol for £6.25m
Published: 17 January, 2011
Metric Property Investments has announced the exchange of its acquisition of Channons Hill Retail Park, Bristol for £6.25 million, reflecting a net initial yield of 9.3 per cent.
Metric will use its existing cash resources to finance the purchase.
Metric plans to reconfigure the existing accommodation and utilise the Open A1 planning consent to attract new retailers to the park.
Andrew Jones, chief executive of Metric, said: “This off market acquisition in a major city centre offers an excellent opportunity to leverage our asset management skills to reconfigure the existing space, attract new retailers and materially increase the current rental income from the low passing rents. In line with our occupier led strategy we have already commenced discussions with potential retailers.”
The park comprises 63,000 sq ft of Open A1 space with an average unexpired lease term of 4.5 years. The park is let to Currys, Lidl and Focus off low average rents of £9.80 psf.
Following the transaction, Metric has an investment portfolio of £149 million across 10
schemes with rents averaging £13.00 psf and an unexpired lease term of 11 years.
Occupancy is 97 per cent by rental income.
Harvey Spack Field advised Metric.
