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Henderson Buys Norwich Retail Park

LONDON-Henderson Global Investors has bought the Riverside Retail Park in Norwich, Norfolk,

By Graham Parker | Updated on June 05, 2001

LONDON-Henderson Global Investors has bought the Riverside Retail Park in Norwich, Norfolk, for around £40 million ($56.8 million) to show a net initial yield of 6%.

The retail park forms part of the 40 acre mixed-use retail, leisure and residential scheme on the banks of the river Wensum, which has been carried out by a joint venture between Gazeley Properties – the UK property arm of Wal-Mart – and Railtrack Property. The scheme includes a 200,000 sq ft leisure park which was bought by MWB Leisure Fund II for £33.5 million ($47.5 million) in 1999.

The Riverside Retail Park has a virtually unrestricted non-food retail planning permission and is being constructed in three phases. Phase I consited of an 82,000 sq ft Wm Morrison superstore with 550 car parking spaces, which opened in October 1999. Phase II will provide a 90,000 sq ft retail warehouse for Kingfisher’s Big W format with parking for 340 cars, which is set to open for trade in September 2001. And phase III will consist of six units totalling 62,000 sq ft with 232 car parking spaces. Pre-lets have been agreed with Boots, JJB Sports, Argos and JD Sports with the two remaining units under offer.

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