Custodian takes care of Gloucester

Published:  04 May, 2017

Custodian REIT buys retail warehouse in Gloucester

The investor has bought a 22,663-sq ft retail warehouse on Southbrook retail park, Gloucester for£4.725m. Located near the town centre and within three miles of the M5, the site comprises two units occupied by Magnet and Smyths Toys, with nearby retailers including Halfords, B&M Bargains, Lidl, The Range and McDonalds.

The units’ leases expire on 9 September 2024 and 28 September 2021 respectively with a total passing rent of £373,100 per annum, reflecting a net initial yield of 7.41 per cent.

Richard Shepherd-Cross, managing director of investment manager Custodian Capital, said: “Magnet and Smyths Toys are both strong nationally established tenants who add to Custodian REIT’s retail warehouse portfolio. Magnet has been in occupation since the unit was constructed and Smyths Toys has recently undertaken a substantial fit out of the property demonstrating its commitment to the location.”

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