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PCTN acquires long-let retail park in Gloucester

06 March 2015 07:24

Picton Property Income Ltd has acquired Gloucester Retail Park for £14.65 million, reflecting a net initial yield of 6.9%.

The retail park comprises four units totalling 112,000 sq ft. It is in a recognised Retail Warehouse location and is leased to leading discount retailers: B&M Bargains, Carpetright, The Range and AHF.

It produces a diversified annual income of £1.067 million with an average weighted lease length of 13.2 years at a low average rent of under £9.60 per sq ft. which reflects recent letting activity.

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Related Company: PCTN

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