Wrekin Retail Park acquired by Hammerson
Hammerson has acquired Wrekin Retail Park, Telford, for £42 million including acquisition costs. The vendor is Legal and General Property, which has owned the park since its development in 1996.The 13,500m² (145,261 ft²) park has open A1 planning consent and adjoins an owner-occupied Tesco Extra store. Wrekin Retail Park is fu lly let to nine retailers including Asda Living, Boots, Homebase and Matalan. Gross rental income is £2.6 million p.a. with an average unexpired lease term of over 10 years. Average rents are approximately £18 per square foot.
Wrekin is located to the west of Telford town centre, beside junction 6 of the M54, thus benefiting from excellent transport links. The primary catchment population is around 270,000.
David Atkins, Chief Executive of Hammerson said,"Retail Parks represent a significant part of our portfolio. They remain in demand from our occupiers and their customers thanks to their convenience, accessibility and affordability for tenants. Wrekin is an excellent asset with a strong anchor and wide planning consent. It has secure, reversionary income, and we aim to improve future returns through specific asset management initiatives including the introduction of further high quality brands and increasing the catering offer."
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