Oct 12 2010
Metric has conditionally exchanged contracts to acquire Congleton Retail Park, South Manchester from North West based investor and developer Bluemantle, for £14.86 million. The 65,000 sq ft retail park benefits from an Open A1 planning consent, including food, and has recently secured a new letting to M&S Simply Food which is scheduled to open at the end of October. The park has one vacant 4,000 sq ft unit and there is also an opportunity to develop an additional 7,000 sq ft unit (subject to planning). The purchase reflects a net initial yield of 5.7%, rising to 6.4% upon settlement of 2010 rent reviews and letting of the vacant unit. Metric will use its existing cash resources to finance the purchase. Completion is scheduled for June 2011.
The full announcement can be found in the attached file.
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