Retail park sold in major deal
A RETAIL park in Hull has been sold for more than £80m, it was confirmed today.
The Junction Fund has sold St Andrew’s Quay to Threadneedle Strategic Property Fund for £81.9m, reflecting a net initial yield of 6.98%.
Capital & Regional, the co-investing property asset manager, has an interest of 13.4% in The Junction Fund.
Built on the city’s former fish dock, the retail park features household names such as B&Q, Currys, Comet and Makro. It also has restaurants including Pizza Hut, Frankie And Benny’s and Mr Chu’s China Palace.
The park has an overall retail floorspace of more than 322,000 sq ft.
The Junction acquired St. Andrews Quay in 2000 from Grosvenor Properties, part of Associated British Ports.
The valuation of St Andrews Quay was £80.32m at the end of June.
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