British Land acquires Basildon retail park
British Land has bought the Mayflower Retail Park on the edge of Basildon in Essex from Scottish Widows Investment Partnership for £51m.
The price represents a net initial yield of 6.3%, rising to 6.9% upon letting of the park's one vacant unit, with significant opportunities to improve rental levels.
As part of the transaction, British Land will sell Valley Leisure Park, Croydon to Scottish Widows for £28m, representing a net initial yield of 7.1%.
The net cash investment made by British Land will be £23m.
Mayflower Retail Park comprises 11 retail units totalling 153,000 sq ft of open A1 space serving a catchment population of more than 300,000 people.
Current retailers on the park include Homebase, Currys, Harveys, Mothercare and Next.
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