Increased appetite for out-of-town retail has prompted investors to put three furniture store-anchored retail parks up for sale for £150m.
Aberdeen Asset Management has instructed Staunton Whiteman to sell Gallows Corner retail park in Romford, Essex, for £60m – a 4.75% yield.
The 92,538 sq ft park is let to tenants including Magnet and Furniture Village.
The park generates £3m pa in rent, which equates to an average of around £35 per sq ft.
IM Properties has instructed JLL to sell the 42,381 sq ft Purley Way retail park in Croydon, south London, and is seeking offers of £41m – a 5% yield.
The park, which is fully let to tenants including Carpetright, commands an average rent of £40 per sq ft and generates total income of £2.2m pa.
Separately, M&G is selling Wessex Gate retail park in Poole, Dorset.
It has instructed Morgan Williams to find a buyer for the 143,545 sq ft scheme, seeking offers of £50m – a 5.5% yield.
The park is let to retailers including Furniture Village and Carpetright.
Sources said that the bulky goods and furniture warehousing market was attracting investment as it still offered the opportunity for greater returns in comparison with the largely over-rented fashion parks sector.
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