Source - SMW
Custodian REIT  has acquired a 37,804 sq ft retail warehouse in Leicester, near the Beaumont Shopping Centre and the city's outer ring road and the St Nicholas Gate Retail Park in Carlisle.

The retail park in Carlisle comprises six retail warehouse units totalling 73,690 sq ft with a 434 parking spaces and the reversionary interest in a 34,750 sq ft Asda supermarket.  

The park is within a mile of the city centre and two miles from the M6, prominently positioned on the busy A6, with occupiers including Asda, Halfords, Oak Furniture Land, Iceland, B&M and Poundland. Nearby retailers include B&Q, Pets at Home, Laura Ashley and Matalan.

The properties have a weighted average unexpired lease term to first break or expiry of 8.4 years and total passing rent of £889,718 per annum, reflecting a net initial yield1 of 6.89%.   The agreed aggregate purchase price of £12.1m was funded from the company's existing cash resources.
 
The Leicester unit is occupied by Matalan, with nearby retailers including Tesco, Argos, Wilko and Superdrug.   The unit's lease expires on 2 Oct 2028 with a passing rent of £502,900 per annum, reflecting a net initial yield1 of 7.36%.

The company acquired the property by purchasing the entire issued share capital of BL (Leicester) Limited and its wholly-owned subsidiaries, Belgrave Land (Beaumont Leys) and Belgrave Land (Leicester), which respectively hold the long-leasehold interest in the property and its occupational lease. 

The agreed purchase price of £6.661m was funded from the Company's existing debt resources.





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