Altum Capital boosts retail portfolio with Stafford acquisitionApril 2016
Altum Capital has acquired Stafford’s dominant retail warehouse development, The Hough Retail Park, for £21 million.
The 101,799 sq ft bulky goods retail park is located on the busy A34, less than a mile from the town centre and adjacent to House Leisure Park and Queen’s Shopping Park, which is the area’s prime out of town fashion destination.
Existing tenants include B&Q, Argos, SCS, Maplin, Bensons for Beds and Home Bargains. The total passing rent is just over £1.5m, which equates to an overall rent of £14.94 per sq ft. Planning permission has also been granted for a McDonald’s Drive Thru restaurant, with a proposed term of 25 years, with a tenant break at 15 years.
Jamie Naughton of ESH comments, “This deal is a good example of an opportunistic buyer taking advantage of changing market conditions and buying from a receivership situation. We think this purchase provides a solid income base of over 10 years along with some deliverable short-medium term asset management opportunities to add value.”.
ESH advised Altum Capital, Savills advised the receiver.
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