Norfolk-based development and investment company Morston Assets has purchased Wyrley Brook Retail Park, Cannock, for £15.3m from Capital & Regional.
The deal reflects an initial yield of 6.75% and a reversionary yield of 7.35%.
The 107,786 sq ft (10,014 sq m) retail park is anchored by B&Q, which fronts the A5, and also houses Allied Carpets, Fashion Brokers, Dreams and Fitness First.
One 10,825 sq ft (1,005 sq m) unit is vacant and it is expected that a letting will be secured shortly.
Stuart Bizley, project director, Morston Assets, said: “The new M6 Toll has opened up Cannock and we are confident that it will lead to major regeneration of the area.”
King Sturge acted for Morston Assets and Montagu Evans advised Capital & Regional.
References: EGi News 27/01/04
