Investment Partnership (SWIP), representing Clerical Medical
Investment Group Ltd, has acquired the Wickes retail warehouse in
Waltham Cross for c.£6.4m reflecting a yield of 6%, from Highcross
Strategic Advisers Limited.
The unit, adjacent to the town centre is let for just under 17
years to Wickes at a passing rent of £15.50 psf and has an open A1
(non-food) retail consent.
Darryl Tidd, Investment Director at SWIP, commented on the
acquisition, "This acquisition is a strong defensive purchase in
line with the Fund strategy to increase income length, whilst being
let at a sensible base rent and offering an open A1 (non-food)
planning consent, giving longer term possibilities."
Rob Cass, Director of Investment for Capita Symonds, added: ”The
acquisition was an excellent fit for the Fund's strategy and
offered a secure income stream with potential re-development
potential in the longer term. Our historic involvement in the
building gave us an excellent insight into the potential of the
asset and enabled us to give informed advice to the client allowing
them to act swiftly to secure the asset".