Ediston Property Income is spending £11.95m to acquire the Abbey Retail Park in Daventry. The yield will be 7.80% when the Park is fully let.
The property provides 63,160 sq. ft. of retail warehousing, anchored by Homebase, with parking for 386 cars, on a five acre site. The weighted average unexpired lease term is just under ten years. Two units totalling 11,666 sq. ft. are vacant. Two kiosks totalling 2,700 sq. ft. are also vacant but benefit from a two-year rent, rates and service charge guarantee from the vendor. This will be drawn down as income until the units are let and income producing, or the guarantee period ends.
EPIC : Ediston buys Daventry Retail Park