Stafford branch of ‘The Range’ sold to investor
Martley Capital has completed the sale of a retail warehouse on Stafford’s Greyfriars Retail Park for an undisclosed sum.
The 36,840 sq ft building is currently let to CDS (Superstores International), who trade as the Range, with an anticipated lease term of 11.5 years left to run on the lease.
The freehold interest for the building was sold to an unnamed institutional investor and while value of the deal was not revealed, the price reflects an initial yield of 7.5%, according to Jane Blore, managing director at Martley Capital.
“The pricing achieved reflects the quality of the asset and the income profile,” she said.
“The sale to an institutional investor highlights the continued strength and resilience of the retail warehouse subsector, particularly for well-located assets let on long leases to strong covenants.”
Other tenants on Greyfriars Retail Park, which is around half a mile outside Stafford’s town centre, include Dunhelm, Farmfoods and Dreams.
TTG represented Martley Capital on the sell side and Birketts acted as legal advisors.
