Church Commissioners for England has acquired Willerby Shopping Park in Hull, Yorkshire, from DTZ Investors for an undisclosed sum.
Although DTZ was seeking bids of more than £27.1m, reflecting a net initial yield of 6.5%, it is understood the Church Commissioners paid a lower price.
The retail park spans 121,292 sq ft and is anchored by Waitrose & Partners and B&M, with other tenants including Iceland, Poundland, Santander and McDonald’s.
The retail park generates a total passing rent of £1.8m per annum.
Of this income, 56% is secured by Waitrose for an additional 13.2 years, while B&M accounts for a further 21% of the income, secured for 8.5 years.
The property boasts a long WAULT of 11.3 years.
Colliers acted for Church Commissioners; Stockford Anderson advised DTZ Investors.
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