CBRE Global Investors, advised by GCW, has sold a retail warehouse scheme in Plymouth to Custodian Capital for just under £7.5 million, reflecting a net initial yield of 6.75%.
Custodian Capital, advised by Maclaren & Partners, has acquired the asset comprising two units extending to circa 15,000 sq ft each and a purpose built drive thru on Coypool Road. Plymouth ranks 1st in the UK PMA competition index and has the highest spend retention of any retail centre in the UK. The scheme is well let with a WAULT of 9.6 years to expiry to ScS, Oak Furniture Land and McDonald’s. The total area of the site is 1.146 ha (2.832 acres) and has 138 car parking spaces.
Coypool Retail Park is 3 miles north east of Plymouth city centre and other tenants on Coypool Road include Furniture Land, Dreams, Harvey’s, B&M Bargains and Jollyes. Along with Marsh Mills, it is Plymouth’s principal bulky good’s retail warehouse destinations.
Fiona Nichols of GCW comments, “We priced the asset to stimulate competitive tension and accordingly ended up securing offers well in excess of our quoting terms of £6.7 million. There was strong interest in this asset, largely due to its location and income profile.”
