Helical Bar has completed the acquisition of Huddersfield Retail Park, Beck Road in Huddersfield, West Yorkshire for £17 mln (€20 mln), a net initial yield of 7.2%.

Helical Bar has completed the acquisition of Huddersfield Retail Park, Beck Road in Huddersfield, West Yorkshire for £17 mln (€20 mln), a net initial yield of 7.2%.

Around £11 mln of the acquisition was funded through Helical’s credit facility with Barclays Bank with the remainder provided through existing cash resources.

The property was sold by administrators at PWC appointed over Castlemore Securities.

The 96,977 sq ft (9,000 m2) asset, which benefits from Open A1 planning consent, comprises two terraces of three units on a 6.5 acre site offering 304 car parking spaces. The park is fully let to retailers including Matalan, Dunelm, Aldi and B&M with a weighted average unexpired lease term of 12 years without breaks.

Five of the six units were let between 2009 and 2012 and so the rents are low, offering opportunities for future rental growth, Helical Bar noted.

The acquisition is the third purchase by Helical within the last eight weeks, following the purchases of New Loom House and Maple House in London’s tech belt.

'This was an opportunity to buy a well-let retail park let off low rents set during the recession. The 7.2% yield provides a balance to the circa £53 mln of lower yielding central London assets Helical has bought over the summer,' said Jack Pitman, investment director at Helical Bar.

The park was sold following completion of an asset management plan which included leasing 13,500 sq ft of vacant space, extending the principal lease on the park and extending the car park. Wilkinson Williams advised Helical Bar and Edgerley Simpson Howe advised the vendor.