East Yorkshire retail park acquired

AN EAST Yorkshire retail park has been acquired as part of a £17m deal.

NewRiver Retail announced this morning that it has bought four retail parks for £17.3m, including Clough Road Retail Park in Hull.

The park is a 95,000 sq ft warehouse let to electrical and computer retailers Curry’s and PC World as well as Smyths Toys, a leading children’s entertainment retailer, generating an annual rental income of £713,284.

NewRiver said it benefits from a “strong knowledge” of the Hull area through its ownership of The Prospect Centre in Hull city centre, which it acquired in 2012.

The other parks NewRiver has acquired are in North Wales, Glasgow and Norwich.  

Allan Lockhart, property director at NewRiver Retail, said: “We are delighted to complete this significant acquisition, which with the introduction of gearing, has the potential to deliver cash on cash returns of 12% per annum underpinned by a stable income stream and the opportunity to enhance the value through the widening of planning consents together with refurbishment and extensions leading to an improved retail offer in locations that we know intimately.”