TSB Group Pension Trust has agreed to buy the freehold interest in the £8.3m Interchange Retail Park, Ipswich, from Equity Estates (Retail Parks) and Suffolk County Council. The deal reflects a 7.25% yield.
The 5,342 sq m (57,500 sq ft) scheme comprises a 2,323 sq m (25,000 sq ft) unit prelet to Currys at £108 sq m (£10 per sq ft) and a 2,323 sq m (25,000 sq ft) unit prelet to PC World at £129 (£12 per sq ft). There is also a 288 sq m (3,100 sq ft) restaurant unit let to Pizza Hut at £194 sq m (£18 per sq ft) on the site.
TSB will finance a third retail unit at the 6.6 ha (16.5 acres) site, which Equity Estates will build once planning consent has been secured. Completion of this unit will boost the end value of the scheme to £9.7m.
Hill Samuel Asset Management and Harvey Spack Field advised TSB, while Bidwells acted for Equity Estates and are retained as letting agents. Donaldsons represented Pizza Hut.
EGi News 15/07/97
