Orchard Street acquires Slough retail park for £63m
Orchard Street Investment Management has acquired Slough retail park in Slough, Berkshire from Benson Elliot for £63m behalf of St James’s Place UK.
Slough retail park is the dominant furniture park in the local area, totalling 152,467 sq ft of across eight retail warehouse units with 546 on-site car parking spaces. The park is fully occupied by high-quality tenants including DFS, The Range, Sofology, Wren Kitchens and Smyths Toys, providing a total rental income of £3,603,195 pa, reflecting an average rent of £23.63 per sq ft. The asset has a WAULT of 6.4 years and occupies a substantial site totalling 9.7 acres.
Orchard Street partner Barney Rowe said: “Slough has the fastest-growing population in the UK, an increasingly affluent South East catchment, connectivity to Crossrail from 2019, and major regeneration projects underway, all of which stand to benefit Slough retail park. The park is well-located and serves as the local area’s principal furniture destination, presenting a compelling investment proposition.”
Orchard Street was advised by Morgan Williams, while Benson Elliot was supported by Cube Real Estate.