Wakefield retail park brought to market with £34m price tag
Beck Retail Park on Ings Road is a fully let retail scheme extending to almost 195,000 sq ft and anchored by Sainsbury’s.
Montagu Evans and xprop have been appointed to market the park by Fiera Real Estate, with offers invited in excess of £34.16m.
The freehold asset occupies a 13.4-acre site and comprises eight units let to a mix of national retailers including Sainsbury’s, Home Bargains, B&M, and The Range. The scheme generates a passing rent of £2.55m per year, equating to an average rent of £13.10/sq ft across the estate.
According to the sales particulars, the investment offers a weighted average unexpired lease term of 9.3 years to expiry and 9.1 years to break, with 82% of rental income secured against tenants classified as “very low risk” covenants.
The asset is expected to attract interest from institutional investors and property funds seeking exposure to the retail warehouse sector, which has continued to demonstrate resilience amid wider challenges facing traditional retail assets.
A key feature of the investment is an uncapped open market rent review on the Sainsbury’s unit scheduled for 2028, providing the potential for future rental growth and income enhancement.
The guide price reflects a net initial yield of 7%, with the asset held within a Guernsey-registered special purpose vehicle, which is available for acquisition.
Located on the eastern side of Wakefield, the retail park serves a catchment population of almost 470,000 people within a 20-minute drive time. The scheme is also expected to benefit from ongoing residential growth across the city and wider West Yorkshire region.
The disposal comes amid continued investor demand for well-let retail warehouse assets, particularly those anchored by food stores and discount retailers, which have generally outperformed other retail segments due to strong occupier demand, affordability and their ability to support omnichannel retail strategies.
Really good place to shop, nice retail park.
By Anonymous