Metric buys Mansfield retail park for £7m

  Specialist retail REIT Metric Property Investments has exchanged contracts to buy Nottingham Road Retail Park, Mansfield, from private clients of CBRE Investors for £7.25m.   Metric said it will use its existing cash resources to finance the purchase.   The park provides 47,100 sq ft of retail space over three units of which two are currently occupied by Dixons Retail, trading as PC World and Currys, with the remaining 16,000 sq ft unit vacant.   The current average passing rent is £13.30 psf.   Andrew Jones, Metric chief executive, said: “Nottingham Road Retail Park is a good example of where Metric can use its strong network of retailer relationships and asset management expertise to enhance value.   “With five investments under management, we are beginning to build a strong pipeline of opportunities to grow income.   “Our key objective is to institutionalise secondary retail properties by strengthening and lengthening the income stream.”   Savills advised Metric on the acquisition.   nathan.cross@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.