Rockspring Property Investment Managers LLP (“Rockspring”) announces that, on behalf of the Cheshire Pension Fund (“CPF”) it has acquired Maybrook Retail Park in Canterbury for £17.74 million, reflecting a net initial yield of 6.2% NIY.
Located close to the centre of the historic cathedral city of Canterbury, the park was developed in 2007 and comprises 62,843 sq ft of retail accommodation in five terraced units and a stand alone retail pod. The park is let Marks and Spencer Simply Food, Halfords, Maplin, Dave Whelan Sports and KFC with a weighted average unexpired lease term of 17.8 years.  Edgerley Simpson Howe advised Rockspring and Fletcher King advised the vendor, Downham Properties Limited.

Phil Sturdy, European Director, said “the acquisition increases the Fund’s exposure to long term income with some fixed uplifts in an affluent South-east city with limited vacancy.”  

Richard Goode, Fletcher King CEO, said ‘‘we had a good level of interest, we chose Rockspring as they undertook a considerable amount of pre bid due diligence.’’

British Waterways has bought a 50,000 sq ft shed in West Midlands from a private client of Fletcher King.

British Waterways paid £3.05m, reflecting an 8.5% net initial yield.

The detached warehouse was built in 2002 by Highbridge and let to Waverley TBS, a UK drinks supplier which until June 2010 was a subsidiary of Heineken.

On 25 June 2010, Heineken announced the sale of Waverley to Manfield partners for an undisclosed sum.

The rent reflects £4.74/sq ft and the lease has seven years unexpired.

British Waterways was advised by BNP Paribas Real Estate.