Morley Fund Management, on behalf of Norwich Property Trust, has forward funded Churchmanor Estates’ 72,500sq ft Brook Retail Park in Clacton, Essex, in a deal worth £16.68m.
The scheme, adjacent to an approved Tesco development, comprises two retail units, a Pizza Hut and a KFC. One of the retail units has been pre-let to B&Q as a mini warehouse at a rent of £13.35 per sq ft. The other 15,000sq ft unit is still available.
The total projected rent for the scheme, which is due for completion in April 2005, is £1.02m, giving a net funding yield of 5.9%.
Edgerley Simpson Howe & Partners advised Morley, while Chase & Partners acted for Churchmanor.
References: EGi News 12/11/04
