Kew Retail Park sold for £8.6m
A property investment trust has acquired Kew Retail Park in Southport for £8.65m.
The 53,858 sq ft retail park, which is occupied by Poundstretcher, Carpetright, Wickes, Carphone Warehouse, Dreams and Sofology, has been bought by Drum Income Plus Real Estate Investment Trust (DRIP REIT).
The purchase price reflects an acquisition yield of 8.78% and DRIP REIT said it bolstered its presence in the North West, where it already has office investments in Cheadle and Manchester.
DRIP REIT’s chairman John Evans said: “By adding Kew Retail Park to the DRIP REIT portfolio we are maintaining the momentum that has been created since our first acquisition in August 2015. We are securing regional properties that fit with our differentiated investment strategy of focusing on assets between £2m and £15m which offer opportunities to add value.
“The positive yield differential that these assets enjoy over larger and more London and South East located assets persists, and we believe that the outlook for the regional property market in the UK remains strong, underpinned by high levels of occupational demand and a shortage of supply.”
