NewRiver REIT buys retail & leisure park for £15.3m
NewRiver REIT
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16:40 24/04/24
NewRiver REIT on Wednesday said it had bought the Hollywood Retail & Leisure Park, Barrow-in-Furness, for £15.3m.
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The company said the asset offered it a number of opportunities to extract further value, including the immediate conversion of two existing units to introduce a 20,000 sq ft store let to Aldi on a 20 year lease with RPI rental increases.
Including the Aldi store, the retail park has a weighted average unexpired lease term of 8.3 years, an affordable and sustainable average rent of £11.36 per sq ft, and the pricing represents a net initial yield of 8.7%.
The acquisition comprises a 10-unit 124,400 sq ft retail and leisure park providing 665 free car parking spaces. Aldi will join an occupier line-up including TK Maxx, Currys PC World, Dunelm, Nuffield Health and a six-screen Vue cinema. The retail park will be 100% occupied following the introduction of Aldi later this year, the company said.