SWIP sells Clifton Moor retail park

  Scottish Widows Investment Partnership has sold Clifton Moor retail park (phase 3) in York to ING’s client, West Midlands Metropolitan Authority Pension Fund, for £37.66m – a 5.59% net initial yield.   The 144,300 sq ft retail park is let to Toys R Us, Comet, JJB Sports, Mothercare, McDonalds, Argos, Currys and Maplin at rents ranging from £21 to £26 per sq ft.   Jo Duffield of Edgerley Simpson Howe, which advised SWIP, said: “The price achieved reflects the competition for this type of investment being an open consented park with a strong tenant line up.   “Clifton Moor is a significant out-of-town destination with two further retail parks, a VUE cinema and Tesco Extra adjacent.    “The sale for SWIP’s client reflects their strategic investment criteria.”   Mark Powell of CWM, which advised ING, added “The market remains very competitive for quality open A1 stock, particularly with the shortage of available opportunities and we are delighted to have secured this asset for our client.” Joiner Cummings also advised SWIP.   annabel.dixon@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.