M&G sells Warrington retail park
The investor has offloaded the 50,000 sq ft Gemini Retail Park, with Knight Frank Investment Management acquiring the asset.
Boots, Next, and Next Home are the tenants at the Warrington shopping park. Next occupies a 15,942 sq ft store, which includes a Costa Coffee concession, while Next Home operates out of a separate 18,805 sq ft store.
The scheme provides an annual rental income of £1.2m and a WAULT of circa 4.5 years. Two out of the three units benefit from recently re-based rents.
The sale comes 10 years after M&G acquired the site for £29m from Prudential, according to Land Registry.
Savills advised M&G and KFIM was represented by Lewis Ellis.
Gemini Retail Park is located off Europa Boulevard close to a 200,000 sq ft IKEA superstore and a 122,000 sq ft M&S, as well as Porcelanosa and McDonalds.
Why sell it?
By Andy J