Acting on behalf of clients, MK2 has advised on the acquisition of a new prime retail park in Wolverhampton.
The retail park was acquired as forward commitment and comprises 3 units totalling 28,455 sq ft with 159 parking spaces. The park is let on long leases to Aldi, Iceland and Poundworld on 3 separate full repairing and insuring terms. The rent is subject to upward only index linked reviews providing for guaranteed rental growth.
The scheme was acquired for the price of £5,600,000 reflecting an initial yield 6.61%.