Knight Frank - Leeds, Spring Ram Retail Park

Date: 30 Jun 2009

The Leeds office of global property consultancy Knight Frank has advised on the purchase of Spring Ram Retail Park, Birstall, by Junction 27 of the M62 in West Yorkshire, for in excess of £8 million.

Spring Ram Retail Park, whose tenants are Borders and Habitat, has been bought by Leeds and London Investment. The vendors were NPI, part of the Pearl Group.

The deal represents a net initial yield of 8.5 per cent. There is a 15-year lease on the property lease on the property, with an annual rental income of £726,000. The capital value is £36 per sq ft.

Alex Munro, head of commercial agency development at the Leeds office of property consultancy Knight Frank, advised Leeds and London Investments.

He commented: "This transaction, involving one of the M62's best-known retail parks, proves that deals can be done in this challenging climate, if the product is right. In this case, the location is one of the best retail warehouse locations in the North of England.

"The two tenants, Borders and Habitat are both household retail names and take up 21,000 sq ft of prime retail space. The retail park itself is adjacent to Birstall Shopping Park and Junction 27 Retail Park, as well as being close to IKEA. This is a major retail destination and a superb investment deal." said Mr Munro.

London-based agents Morgan Williams advised NPI.

Spring Ram Retail Park

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