|
Metric Property Investments plc, the new UK specialist retail REIT, today announced in its interim management statement for the period from 1 April 2011 to 6 July 2011, that it has bought 3 properties off-market, comprising: - DFS, St Mary's Road, Sheffield (£5.6 million) - acquisition of a 28,000 sq ft partnering opportunity completed with a simultaneous new 20 year lease to DFS on a 20,000 sq ft unit. - Tindale Crescent, Bishop Auckland (£11.0 million) - a 50,000 sq ft redevelopment opportunity has been conditionally exchanged, pending a revised planning approval. - Longford Island, Cannock (£5.8 million) - conditional exchange of a 24,700 sq ft redevelopment opportunity, pending a revised planning approval, with a simultaneous new 20 year agreement for lease with DFS on a 17,000 sq ft unit. The two acre site already has restricted retail consent and Metric has submitted a revised planning application to build a 24,700 sq ft, two unit retail scheme. Upon receipt of planning, Metric will pay an initial consideration of £1.8 million and invest a further £4.0 million in development costs. Construction is expected to commence in mid 2012 with handover to DFS in October for Christmas 2012 trading. The scheme is expected to deliver a yield on cost of 7.5% once fully occupied. Metric has invested £202 million (net of acquisition costs) to date in a total of 16 schemes with rents averaging £12.70 psf. Occupancy across the investment portfolio is 95% by rental income with an unexpired lease term of 13 years (12.1 years to first break). Andrew Jones, Chief Executive of Metric, said: "The investment market for retail parks and food stores remains very tight, supporting the strong underlying fundamentals. Whilst we scrutinise the steady flow of shopping centres, we do not believe the current market offers opportunities to create sufficient value to justify existing pricing aspirations, but will continue to review the market and individual assets carefully. We remain highly focused on out of town retail properties which offer asset management opportunities off affordable rents and look forward to taking advantage of new opportunities over the coming months." Looking for a UK Property or to buy property in the UK, find lettings and where to buy a business property in the UK? www.ukbusinessproperty.co.uk
Related Articles -
Commercial Property, Business Property, UK Commercial Property, Business for Sale,
|
