Ravenside Retail Park, Edmonton
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Atlas Real Estate has recently completed the acquisition of this prime recently completed retail warehouse park on behalf of clients of PRUPIM.
Edmonton is a strategically positioned commercial centre on the A406, London’s North Circular dual carriageway, towards the southern boundary of the London Borough of Enfield benefiting from exposure to a significant and extensive catchment.
The Ravenside Retail Park forms part of a significant retail offer including a Tesco Extra, IKEA Superstore, Costco and further retail clusters, providing in the order of 82,125 sq m (884,000 sq ft) of floorspace.
The park benefits from a wide Bulky Goods planning consent with further relaxations, offering modern, well configured retail space extending to approximately 128,000 sq ft together with 381 car parking spaces.
Tenants on the park include Next, Argos, Carpetright, Paul Simon, Maplin, Mothercare, and Wickes producing a total rental income of £3,237,100 per annum.
The park was sold by IM Properties for £48,250,000 (Forty Eight Million Two Hundred and Fifty Thousand Pounds) which represented a net initial yield of 6.35% and an equivalent yield taking into account fixed rental increases of circa 6.80%.
Commenting on the deal, Andrew Franck-Steier said “this deal represents an ideal opportunity for PRUPIM to increase their exposure to inner London retail warehousing in an off market transaction”.
