Property investor makes £15m swoop for Nottingham retail park
Leicester property investent company Custodian REIT has made a £15m swoop for a Nottingham retail park.
The firm has acquired the 70,160 sq ft Springfield Retail Park which consists of four units occupied by Wickes, Matalan, Poundland and KFC, with nearby retailers including Tesco, Morrisons, Lidl and McDonald’s.
Richard Shepherd-Cross, managing director of Custodian Capital (the company’s discretionary investment manager), said: “Well-located retail warehouses let off low rents are complementary to online retailing and have remained in demand during the restructuring of the retail market.
“This purchase, which was agreed off-market at an attractive net initial yield, offers long income from a very strong tenant line up with opportunities to enhance rents by developing a drive-through restaurant and installing electric vehicle charging points.”