Knight Frank has completed on the sale of four retail-warehousing deals around the UK, signalling the continued success of the firm’s out of town retail team in Q3 2017.
George Capital sold Wells Green Retail Park, Birmingham in an off market transaction to Custodian REIT PLC for £5.1m, at a net initial yield of 6.64%. The park comprises three units let to big name tenants Pets at Home, Halfords and Dreams.
Knight Frank also represented CBRE Global Investors as they sold a 31,802 sq ft Matalan in Bury St Edmunds to Savills Investment Management for £4.4m at a net initial yield of 6.56%.
The property consultancy also sold B&M Bargains at Newcastle Road, Leek to FWRE for £5.1m reflecting a net initial yield of 6.25%.
Finally, New River Retail sold Clough Road Retail Park, Hull, a multi-let park comprising of Smyths Toys, Halfords, Currys and Costa to The Marcol Group for £11.2m at a net initial yield of 6.95%.
Andrew McGregor, Partner in Knight Frank’s out of town retail and leisure team commented:
“We have been striving to increase our market share of sales, in what is a challenging and often competitive buying market. These sales represent the excellent results we have achieved for clients and the continued strength of the Knight Frank retail team, following its expansion over the past 12 months.”