Perland has just completed the acquisition of St Nicholas Retail Park in King's Lynn. Developed in 2004, the property provides a purpose built modern retail warehouse park extending to 58,370 sqft GIA. It has a prominent frontage in excess of 325 meters to Edward Benefer Way and is one of the main retail destinations for the North of the town.
The flexible planning consent, mix of tenants and WAULT of just over 9 years was an attraction for Perland which added their second retail park to the £100M portfolio. The property is fully let to Wickes, Farmfoods, Lituanica, Norfolk Hospice, Sue Ryder, Carousel Café and Domino's Pizza and 75% of the income is secured to D&B 5A1 rated covenants. There is also a Home Bargains unit at the entrance at the park.
Perland will consider the various asset management opportunities to further enhance the investment. More property details can be found here.
With the acquisition of the fourth warehouse Max 160, Perland achieved full ownership of Max Park Corby distribution park totalling 1,097,619sqft.
The 160,619sqft unit was purpose built in 2005 and had been in occupation by Staples UK until their recent relocation to a larger unit. It benefits from green energy produced by photovoltaic panels installed on the roof and a 30,000sqft mezzanine.
Perland leased the unit for a 10 year term with a break in year 5 to IForce – specialists in multi-channel retail logistics and supply chain management.
Other occupiers in Max Park are Smyths Toys and Bibby Distribution who have taken an additional 212,500sqft for a 10 year term.
More details about Max 160 can be found on the property details page.
Perland is pleased to announce the sale of its warehouse in Rugby, situated in a prime location in the heart of the ‘golden triangle’, 2.4 miles south of Junction 1 of the M6 motorway.
Built in the mid-80s to an owner occupier specification Swift 100 comprises a modern detached, fully fitted distribution warehouse with a self-contained office building at the front. The property provides a total gross internal floor area of 103,038 sqft and has the benefit of a clear internal eaves height of 12.8m and heating, lighting and a sprinkler system.
The site is secure and self-contained with a segregated car park accessed and a separate HGV entrance on Haynes Way, extending to approximately 2.64 hectares (6.52 acres), representing an overall site coverage ratio of 31.7%.
During a holding period of circa 11 years the property has been used as a crates washing facility by IFCO Systems. It was sold with vacant possession in November 2016.
UK supermarket chain Sainsbury's closed its Netto stores after abandoning a joint venture with Dansk Supermarked Group. The store in Thorne Road Retail Park has ceased trading at the end of July. Sainsbury's and its partner in the venture said the trial was ended because Netto needed rapid expansion and investment.
Mike Coupe, chief executive of Sainsbury's, said: "To be successful over the long-term, Netto would need to grow at pace and scale, requiring significant investment and the rapid expansion of the store estate in a challenging property market. Consequently, we have made the difficult decision not to pursue the opportunity further and instead focus on our core business and on the opportunities we will have following our proposed acquisition of Home Retail Group," he added
Sainsbury's teamed up with Danish retailer Dansk Supermarked Group (DSG) in 2014 to bring Netto back to the UK. The supermarket chain said although Netto was trading in line with expectations it could not ignore the evolving food retail market and the long-term strategies of both itself and its partner, DSG. It said its decision to end the trial was also based on trading data, customer insights and expansion costs.
Unit 3A (10,710sqft) benefits from A1 planning consent and is avalailable to let.
For further information please consult the brochure or contact our agents or us.
One of the best performing discount retailers in the UK decides to move into Thorne Road Retail Park. Pounland have taken half of unit 3 – in excess of 10,000sqfl; the demise was previously occupied by the furnishing retailer Dunelm.
Footfall in the park has increased in the past few years and given its great location it attracts more customers and interest from new tenants.
Perland welcomes Poundland in the park and wishes a long and successful trading.