Orchard Street Investment Management has completed the acquisition of St Andrew’s Quay Retail Park in the English city of Hull. The investment volume of £95.5 mln (€122 mln) reflects a net initial yield of 6.1%.
Orchard Street Investment Management has completed the acquisition of St Andrew’s Quay Retail Park in the English city of Hull. The investment volume of £95.5 mln (€122 mln) reflects a net initial yield of 6.1%.
Orchard Street acquired the asset on behalf of Orchard Street UK Prime Property Partnership from Threadneedle Investments (Threadneedle).
St Andrew’s Quay Retail Park is a 30,400 m2 modern, multi-let retail warehouse scheme. Threadneedle acquired the park in September 2009, and concluded a number of lettings during its ownership so that it is currently fully let and benefits from a WAULT of 11.1 years.
Anchored by a B&Q Warehouse, let on a 16-year unexpired RPI linked lease, the park also has a number of other retailers onsite including Halfords, Curry’s, Sofaworks, DFS, Carpetright, Pets at Home and PC World as well as restaurant chains Frankie & Benny’s and Pizza Hut.
Barney Rowe, partner at Orchard Street, said: 'St Andrew’s Quay is a top quality, well-let and well-located retail park that has established its position as Hull’s premier out of town shopping destination. With Hull’s economy set to see a significant influx of capital expenditure in the coming years, we believe the asset provides multiple asset management opportunities to maximise income in an increasingly competitive market through rent reviews, regearing leases and enhancing the retail and leisure mix.'
Orchard Street was advised by Savills and Threadneedle was advised by Morgan Williams.