DTZ Investors has bagged the the acquisition of Goodmayes Retail Park in Chadwell Heath on the London, Essex border for its third investment on behalf of LGPS Central’s recently launched UK Direct Property Fund.
Home improvement chain Wickes, home electronics shop Currys, Carpetright, The Gym, Nandos, Costa and Masala Bazaar are tenants.
The site is located in an area that is expected to see significant regeneration and growth with new investment in homes, jobs and social infrastructure owing to its close proximity to the new Crossrail stations at Goodmayes and Chadwell Heath, the purchaser said.
The UK Direct Property Fund is a sub-fund of the LGPS Central Property ACS managed iwith DTZ Investors with a medium-term target to invest up to £500 mln (€585 mln) across the UK.
Previous investments include an industrial and car showroom investment on Crown Road, Enfield and Clayton Business Centre, Hayes, a multi-let industrial estate in West London.
Crossrail factor
Mike Hardwick, investment director for property investments at LGPS Central said: 'While the availability of investment opportunities remains constrained we are pleased to have secured a further investment for the fund. The initial investments have all been in greater London, which is a property market that in general has strong fundamentals, with Goodmayes in particularly benefiting from its close proximity to new Crossrail infrastructure. We expect to continue deploying capital into strong assets over the coming months, across the UK.'
Hampson Wall and Burges Salmon advised DTZ Investors and LGPS Central.
Sam Brice, director at DTZ Investors, said with the relatively low rental levels across the park, the asset was well positioned to benefit from the low vacancy rates across the retail warehouse sector and demand stimulated by Crossrail-led regeneration.
