July 3, 2015
Ropemaker Properties Ltd, advised by HSM, has acquired Reedswood Retail Park in Walsall for £23.84 million, representing a net initial yield of 6%.
Reedswood Retail Park is a 116,358 sq ft retail warehouse park and is let to a number of national occupiers including Matalan, B&M, Poundland, Pets at Home, Carphone Warehouse, and Dunelm. It also includes a drive-thru McDonalds restaurant. The total rent is £1,513,407 pa, with the warehouse rents ranging from £11.50per sq ft to £15 per sq ft and the restaurant at £27 per sq ft. Average lease expiries are 9.22 years and 8.83 years to break.
Located just off the M5/M6 interchange, the park is adjacent to a Sainsburys supermarket and petrol filling station. It benefits from a broadened bulky planning consent with some A1.
Occupational advice was provided by Edgerley Simpson Howe. The vendor, The Church Commissioners, was advised by Griffiths Eccles.