Custodian REIT acquires the 43,000-sq ft Evesham shopping park
Evesham Shopping Park, one mile from Evesham town centre, comprises a terrace of five units occupied by Next, M&S, Boots, Argos and Poundstretcher, with nearby retailers including Tesco, and B&M. The agreed purchase price of £14.2 m reflects a net initial yield of 6.04%.
Managing director Richard Shepherd-Cross said: “Both Next and Boots have recently extended their leases at the passing rent indicating their commitment to the location. B&M Bargains has recently constructed a 25,000 sq ft unit adjacent to the park, demonstrating that together with the Tesco Extra opposite this is the prime out of town location in Evesham. We are pleased to have secured this opportunity to acquire a very well-let park at a price which reflects a discount to recent market pricing.”