Retail warehouse specialist Grantchester is continuing its spending spree with the £24.75m purchase of two more retail parks. These latest purchases takes its holdings to over 185,000 sqm (2m sq ft).
The biggest of these deals is the £17.3m purchase of the Darlington Retail Park, a 12,541.5 sqm (135,000 sq ft) scheme built in 1993 and 1994 where tenants include Homebase, Currys, Comet, Carpetright, DFS and Pets at Home. Passing rents are between £7.50 and £9.25 per sq ft and the property shows a yield of 7.5%, but Grantchester reckons local rents are now around £10.50 per sq ft. There is also room for expansion with an unrestricted A1 planning consent for a 26,000 sq ft addition
The second property is the Highbridge Retail Park in Waltham Abbey, bought for £7.45m. The 1,274 sqm (45,000 sq ft) is let to MFI, Carpetright and Harveys on rents of £11.50 to £12.50 per sq ft. The equivalent yield is 7.85% but Grantchester says there is potential to the exploit an open A1 planning consent and possibly add a drive thru/restaurant unit.
EGi News 20/08/97
