Edge Properties has exchanged contracts to buy the 8,454 sq m (91,000 sq ft) Kingstown Retail Park outside Carlisle, Cumbria, from the BBC Pension Trust for £9.3m.
A further payment of £1.1m may be made depending on the outcome of two outstanding rent reviews.
Following the settlement of these rent reviews, the scheme will produce about £675,000 pa reflecting a 6.25% yield. Tenants include Homebase, Currys, Comet and Allied Carpets.
Jolly Giant, the tenant of a 929 sq m (10,000 sq ft) unit is in administrative receivership which could result in a £75,000 pa reduction in the rent generated by the investment.
EGi News 02/03/98
