CGIS No. 3 has completed on the acquisition of Clough Road Retail Park, Kingston upon Hull

The park is Freehold, has Bulky Goods with exceptions consent and ex- tends to 88,498 sq ft. The main property has been re-configured to provide 4 smaller units from 3 large units and all fascias have been refurbished. There is new landscaping, signage and lighting to the car park. The units have been re-let on new 10 & 15 year leases to Go Outdoors, Curry’s/PC World, Halfords and Office Depot. There is a stand-alone unit let to Smyth’s Toys for 20 years which was refurbished in 2012. In addition, the park features a brand new drive-thru let to Costa Coffee for 15 years.

Total contracted income equates to £848,078 per annum reflecting rents between £5.84 and £25.73 per square foot whilst the weighted average unexpired lease term is 10 years to break and 11.5 years to expiry.

There are asset management opportunities for re-gearing and taking out break clauses in the Office Depot and Smyth’s units, together with the potential to sell off the stand-alone Smyth’s unit to de-gear the investment. Alternatively, there is scope to extend the ownership by acquiring an adjoining site for redevelopment as a further drive-thru or restaurant unit to complement the Costa offering.

The city of Kingston upon Hull is the unitary authority for East Riding of Yorkshire. The city has a primary catchment of 556,000 people and is the 2017 UK Capital of Culture. Approximately 850,000 people live within a 45 minute drive of Hull’s city centre, with a shopping population of 341,000, over 200,000 of that population are classed as ABC1s residing in some of the UK’s wealthiest wards and commanding a spend value of £3.7bn per annum.

More news >

Recent posts

FirstCare wins GOLD for Most Effective Application of Technology

MARCOL’s pioneering workforce health management specialist FirstCare, scooped GOLD at the ECCCSA Awards 2020 in the prestigious category of Most Effective Application of Technology, beating …

MARCOL gründet mit Private-Equity-Partner ein 250-Millionen-Euro-Joint-Venture für Self-Storage

MARCOL gründete zusammen mit Angelo Gordan ein Joint Venture, um ein 250-Millionen-Euro-Self-Storage-Portfolio in Deutschland aufzubauen. Vor etwa einem Jahr entstand Space Plus. Das Unternehmen …

Britain's Healthiest Workplace Award

MARCOL is delighted to have been awarded 3rd place in the 'Healthiest New Entry' category of the Financial Times’ Britain’s Healthiest Workplace awards …

Sale of ISE Pan-European Logistics Portfolio

MARCOL’s Industrial Securities Europe (ISE) division has concluded a sale of a Pan-European Logistics Portfolio to Blackstone’s real estate fund. The European Logistics Portfolio …

MARCOL has procured medneo; a €30million growth funding facility from European Investment Bank (EIB)

This is part of medneo’s €88million growth programme for 2017-2019. The financing is part of the EU’s strategic programme to support innovative growth companies in …

iSec are excited to announce completion of the first phase at Horizon 38

Leases are currently in negotiation with prospective tenants.