Etruria Retail & Trade Park, Newcastle under Lyme, ST4 6JQMake an enquiry
Franck-Steier Price has recently advised on the acquisition of a retail & trade park investment in Newcastle under Lyme. The investment was purchased by Hansteen for their second UK Industrial Fund.
The development comprised two retail warehouse units let to Pure Gym and Carpetright (sub let to Dreams). The remainder of the scheme comprised 14 trade counter units of between 3,000 to 8,000 sqft and included occupiers such as Edmundson Electricla and BSS. In total there was just over 100,000 sqft of accommodation.
The total income from the property was £745,396 per annum. 51% of which was from the two retail warehouse tenants.
There was an AWULT of 8.57 years to breaks & 10.37 years to expiry.
The property was purchased for a price of £7,000,000 which reflected a net initial yield of 10.06%, assuming purchaser’s costs of 5.8%. The vendor was represented by DTZ.