Moorgarth Ventures Sell Elms Retail Park, Wisbech

February 13, 2012

Moorgarth Ventures Ltd, advised by Edgerley Simpson Howe LLP, has sold Elms Retail Park, Elm High Road, Wisbech to Aberdeen Asset Management Ltd for £24.5 million, reflecting a net initial yield of 5.32%. 

The property comprises a 48,571 sq ft foodstore occupied by Morrisons on a new 35 year lease (with break option at year 20), along with two retail warehouse units trading alongside let to B&Q and B&M with 8 and 10 years unexpired lease terms respectively.

Jamie Naughton, investment partner of Edgerley Simpson Howe, comments: ‘Our client has crystallised a profit on the scheme and the fact one of the main fund managers has bought it is of no surprise. With 70% of the income secured to Morrisons they are a preferred source of income at the current time for Institutions.’

-ends-

 

Latest News

IV REAL ESTATE TRANSFORMS TWO BRISTOL OFFICE BUILDINGS

March 1, 2021 - 10:01

IV Real Estate has completed the refurbishment of two prime office buildings in Bristol city centre. Practical completion of 41 Corn Street and the adjoining Gilbert House has now been reached followi[...]

+ Read More

MOORGARTH LAUNCHES PM+U – A NEW KIND OF PROPERTY MANAGEMENT COMPANY

February 19, 2021 - 16:07

The highly successful team behind Moorgarth Property Management has launched a new property management company – PM+U – specialising in retail, office and leisure assets across the UK. Under the l[...]

+ Read More

ARLINGTON TO DEVELOP ONE OF LONDON’S FIRST DEDICATED LIFE SCIENCE DEVELOPMENTS

February 16, 2021 - 11:08

Arlington has received full planning consent for a building that is set to become one of London’s first fully lab-enabled buildings to be delivered by a commercial property investor. Known as Refine[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR