Royal London buys Plymouth scheme

Europa Capital and Ediston sell Plymouth Gateway retail park ahead of development completion

Europa Capital and its joint venture partner, Ediston Real Estate, have forward sold Plymouth Gateway retail park to Royal London Mutual Insurance Society for £22.7m, reflecting a yield of 5.9 per cent.

The 55,000-sq ft retail park, which is currently under construction, is fully pre-let to Wren Kitchens, Tapi Carpets, Sofology, Mothercare, KFC and Costa, and is due to be completed in September 2018. Europa and Ediston achieved rents of between £22.00 and £25.00 per sq ft for the terraced units.

Europa Capital partner James Fortescue said: “The successful pre-letting of Plymouth Gateway well ahead of practical completion further underlines our belief that the right product will perform in different sectors, even in the face of adverse sentiment in the case of retail.”

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