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-

 

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