THE Marina Quay retail park has been sold in a deal worth more than £17million to an investor from the Isle of Man.
First World Hybrid Real Estate (FWHRE) has bought the site from Scarborough Development Group (SDG) for £17.7m, commercial real estate agency Allsop has confirmed.
Allsop was jointly appointed with Knight Frank in July to sell the site, with an Allsop spokesperson adding: “There were a number of other bids above the asking price (in excess of £17 million).”
Marina Quay was constructed in 2017 by SDG and comprises more than 105,000 sq ft of prime retail warehouse units.
The site includes 11 retail units, including a 18,651 sq ft Aldi store, as well as retailers including B&M, Farmfoods, Greggs, The Range and Costa.
It is described by Allsop as having an 'attractive AWULT (average weighted unexpired lease term) of 13.9 years to expiry and 12.1 years to break'.
The deal represents a net initial yield of 6.25 per cent; Marina Quay generates rent of £1.15m per annum, reflecting a low average rent of £11.23 per sq ft.
Its Aldi store accounts for 22 per cent of its total income.
FWHRE’s portfolio includes 23 properties across the UK, most of which are logistics and warehouse assets.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here