Greenridge bags Waitrose and John Lewis store in Ipswich

Greenridge Investment Management has bought a Waitrose and John Lewis at Home retail warehouse on Futura Park in Ipswich, Suffolk. The store has changed hands in a £21.9m deal, reflecting a net initial yield of 8.05%. The building measures 71,235 sq ft, with John Lewis Properties occupying the facility on a long lease until November 2037 on five-yearly fixed rental uplifts. This is the third acquisition for Greenridge’s GO Fund, which is focused on building a portfolio of modern sustainable assets in prime locations, with strong tenant covenant and guaranteed rental uplifts. Bik Bhuptani, co-founder of Greenridge, said: “This acquisition further strengthens the Greenridge GO Fund’s portfolio, providing stable income and growth potential.” Alex Walker, partner at Greenridge, said: “The long lease term, fixed rental increases, and strong tenant covenant provide a platform for growth whilst also providing diversification benefits within the fund.” The building was acquired from an institutional fund client of Cushman & Wakefield, who represented the vendor, with KLM Real Estate acting for Greenridge. See occupational sale comparables for Ipswich >> Photo © Greenridge Investment Management