Pillar Properties has paid £14.75m for the freehold interest in the 11.98ha (29.6 acre) Deepdale Retail Park in Blackpool Road, Preston, Lancashire.
The 13,935 sq m (150,000 sq ft) development, which is only partially complete, generates a current income of just over £1m pa reflecting a 9% initial yield. Most of rent comes from the retail element which is let to amongst others Toys R Us, JJB Sports and Textile World. There is also an unoccupied stand alone restaurant, a cash and carry unit let to Bookers, an Esso petrol station and a 1,200 space car park.
There is also an outstanding consent for an additional 4,645 sq m (50,000 sq ft) of non-food retail and 3,251sq m (35,000 sq ft) of leisure space.
DTZ Debenham Thorpe advised KPMG, receivers to City Grove. Harvey Spack Field acted for Pillar.
EGi News 02/10/96
