The Charities Property Fund has acquired the freehold interests in two retail parks in Bury, Lancashire and Merthyr Tydfil, South Wales for just under £20 million.
The Charities Property Fund has acquired the freehold interests in two retail parks in Bury, Lancashire and Merthyr Tydfil, South Wales for just under £20 million.
The Pentrebach Retail Park in Merthyr Tydfil totals 7,161 sq m (77,000 sq ft) and is let to Halfords, B&Q and Comet on leases expiring in 2015 and 2016. The units produce a total annual rent of £701,527. The rental income will increase on settlement of an outstanding rent review at B&Q. The vendor was a joint venture between Asda Property Holdings and Harris Ventures.
In a second deal, the Charities Property Fund purchased the 4,820 sq m (51,850 sq ft) Moorgate Retail Park in Bury, which is let to MFI, Carpetright, Harveys, Comet and KFC until 2021 at a rent of £574,785 pa. Asda Property was the vendor.
Savills Fund Management, acting on behalf of the Charities Property Fund, negotiated the deals directly with Asda Property Holdings.