Nov 22 2010
Metric has exchanged on Alban Retail Park, Bedford from Parkridge, a private development and investment company, for £9.2 million, reflecting an initial yield of 6.3%. The park comprises 65,000 sq ft of restricted Open A1 space let to Focus and Dunelm off a low average rent of £9.40 psf and an unexpired lease term of 3.5 years. Upon settlement of outstanding rent reviews the running yield is expected to rise to 7.1%. Metric will use its existing cash resources to finance the purchase.
The full announcement can be found in the attached file.
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