Orchard Street acquires Suffolk Retail Park

26 April 2013

Orchard Street Investment Management, the specialist commercial property investment manager, has acquired Suffolk Retail Park, Ipswich from clients of Aberdeen Asset Management for £18.75 million, reflecting a net initial yield of 7.1%. The purchase was made on behalf of St James Place Wealth Management.

Suffolk Retail Park is a 96,787 sq ft retail park comprising six units which has Open A1 planning consent that includes the option for food retail on the majority of the site. With a total passing rent of £1,406,824 and an average overall rent of £14.60/sq ft, the park is occupied by a strong line up of retailers including Next, Halfords and Argos.

Barney Rowe, Partner at Orchard Street Investment Management, said:

“Several factors make Suffolk Retail Park an attractive acquisition for our client, one of which is the property’s flexible planning consent in a town where retail park planning consents are typically restrictive. The opportunity this provides was demonstrated by the latest letting at £25/sq ft, versus the low passing rent across the remainder of the park.”

CBRE advised Aberdeen and Morgan Williams advised Orchard Street.

END

For more information:

John Humberstone
Orchard Street Investment Management
+44 (0)20 7494 8860
jhumberstone [at] orchard-street.co.uk

Dido Laurimore/Ellie Sweeney
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com

Notes to Editors:

Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.