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ABF BUYS BY THE SEA
20-08-2009
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Wilky Fund Management, acting for Associated British Foods Pension Trustees, has acquired an £11.5m retail park in Clacton-on-Sea from Aviva Investors Property Trust.
Brook Retail Park is let to B&Q, Currys, Pizza Hut and KFC with unexpired terms of 11 – 21 years and is adjacent to a modern 6800 sq m (73,000 sq ft) Tesco foodstore.
The current passing rent of £1.021m p.a. on the 6,764 sq m. (72,800sq ft.) park equates to an overall rent of £143.30 per sq m. (£13.50 per sq. ft.).
The purchase price, including costs, represents a net initial yield of 8.46 %. WFM consultant fund manager Kevin Seville, says demand for this type of property has remained high despite the recession and yields have started to improve.
Whitmarsh Holt Young acted for ABF and Edgerley Simpson Howe acted for Aviva Investors Property Trust.
Brook Retail Park is ABF’s first acquisition since allocating new funds to commercial property in February this year. Seville says WFM has clients with further monies available and are focusing on the industrial sector.
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