Bretton Centre retail park in Peterborough has changed hands for £17.5m, reflecting an attractive net initial yield of 7.85%. The investment was sold by Aviva to an undisclosed purchaser represented by Allsop.
Strategically located close to the A47, the main road through the city, Bretton Centre spans approximately 129,282 sq ft, with almost all of the scheme freehold. It also benefits from an unrestricted open A1 planning consent.
Anchored by a 67,000 sq ft Sainsbury’s – which is let on a 125-year lease – with other retailers including Boots, Sports Direct, Pets at Home, Laura Ashley, Poundland and Costa, the scheme currently provides an annual income of £1,465,305.
The site presents asset management opportunities, while consistent demand from retailers and local occupiers for the smaller units, makes them easily re-lettable should any become available.
Mark Dansky, Associate, Commercial Investment at Allsop, said: “Bretton Centre presented a unique opportunity to purchase a site with a diverse mix of retailers which, together, have created a thriving shopping destination for the local community. The scheme trades extremely well, which has led to retailers renewing their leases, resulting in a strong, long-term investment with fantastic opportunities to further enhance the scheme.”
