Gatehouse Bank have bought the freehold interest in Phase II of Greyhound Retail Park in Chester from Land Securities Plc for £67.25 million reflecting an initial yield of 6.16%.
The property comprises a prime Open A1 consented retail park of 176,198 sq ft which is let to 12 tenants. Tenants include John Lewis, ASDA, Wren Kitchens, Pets at Home, Dreams, Tapi Carpets, DFS, Halfords and Sofology. The scheme produces a passing rent of £4,219,471 per annum equating to £23.95 psf overall. The leases have a WAULT of 11 years to breaks.
Approximately 1.5 million cars visit the scheme every year.