Ediston buys in Sunderland

Published:  20 June, 2017

Pallion retail park bought for £25.6m

Ediston Properties has bought the Pallion retail park in Sunderland by acquiring 100 per cent of the units in a Jersey Property Unit Trust that owned the property. Taking into account a rental guarantee on one vacant unit the net initial yield is 6.74 per cent.

Pallion retail park, which occupies a prominent position to the North West of the city centre, extends to 131,349 sq. ft., across nine units. The immediate area is undergoing significant infrastructure change with the construction of the New Wear Bridge and the Sunderland Strategic Transport Corridor.

The park has an open A1 (part food) planning consent, is let to tenants including B&M, Dunelm, Matalan, Iceland and Poundstretcher, and has a weighted average unexpired lease term (WAULT) in excess of eight years.

The asset, which is reversionary, offers a number of asset management opportunities including lease regears, lettings, and the potential to build a Costa Coffee 'drive-thru'. These initiatives will enhance the tenant line-up, improve the already robust income stream and offers the potential for capital growth.

© 55 North Ltd 2016. All rights reserved.
Registered in Scotland No. SC204747.
Privacy Policy : Terms & Conditions
55 North