Orchard Street Investment Management has purchased the Priory Fields retail park in Taunton, Somerset, for £27m.
The price paid on behalf of St James’s Place property funds to a client of AXA Real Estate, reflects a net initial yield of 6.75%.
Tenants at the 110,350 sq ft park include Carpetright, Pets at Home and Wickes. Rents range from £15 per sq ft to £22.75 per sq ft.
Chris Bartram, chairman of Orchard Street, said: “We believe that the thriving local economy combined with the retail park’s low average rent of just £17.65 per sq ft and an average lease length of nearly 14 years will ensure this investment performs well for our client.”
Orchard Street was advised by Morgan Williams; Wilkinson Williams represented AXA.
joanna.bourke@estatesgazette.com
