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New River Retail : NRR – acquistion

New River Retail has bought four retail parks for £17.3m. The purchase price is equivalent to an initial yield of 9.1%. Overall the portfolio adds up to 196,300 sq ft of lettable space which is fully let to six tenants with an average unexpired lease length over 7 years. New River Retail says it has bought gthe properties at 45% less than the price they last traded at in the market. The average rent is £8.51 per sq ft.

The four properties are Clough Road Retail Park in Hull (let to Curry’s, PC World and Smyths Toys; Poundstretcher Wymondham near Norwich; Halfords Paisley near Glasgow and Mount Street Retail Park in Wrexham.

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