Stane Retail Park, Colchester

XPROP have advised the developer, The Churchmanor Estates Company plc, on the sale of their remaining interest in Stane Retail Park, Colchester to a private South African investor client of Pembrey Asset Management.

XPROP have advised the developer, The Churchmanor Estates Company plc, on the sale of their remaining interest in Stane Retail Park, Colchester to a private South African investor client of Pembrey Asset Management. The sale price was £33.95 million reflecting a net initial yield of 5.62%.

A new purpose-built retail park that opened in phases between October 2021 and October 2022 the property comprises 123,637 sq ft of retail accommodation. The scheme is anchored by an 80,000 sq ft purpose-built Marks & Spencer which sits alongside a strong national tenant line up of Superdrug, Mountain Warehouse, Furniture Village, Card Factory, Pets Corner, Greggs & Cook. The scheme offers an attractive WAULT of 14 years to expiries and has excellent ESG credentials with a BREEAM rating of 'Very Good'.

The B&Q and Aldi are held in a separate freehold ownership and total some 99,992 sq ft.

For further information please contact Tim Bevan-Thomas.