Wilkinson Williams have advised clients of Harbert Management Corporation in the sale of the Westgate Retail Park in Basildon. The property has been acquired by overseas investors.
The property comprises a modern edge of centre retail park destination, extending to 142,712 sq ft, and benefits from an open A1 planning consent. Occupiers include Maplin, Dreams, JD Sports, Laura Ashley, Argos, Hobbycraft, First Choice Holidays, Home Bargains and Wilko, together with three vacant units. The scheme also includes an element of car parking let on a lease to Smart Parking. Rents on the retail units range from £11.40 per sq ft to £22.00 per sq ft, with a weighted unexpired lease term of approximately 6.4 years.
The purchase price was circa £32.5 million (inclusive of rent guarantees), which reflects a net initial yield of approximately 6.75%, assuming full purchaser’s costs.
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