The park comprises five retail units let to MFI; Carpetright; Halfords; Currys and Focus, plus a Pizza Hut restaurant. It provides an annual rent roll of £1.8 million ($3 million) to show a net initial yield of 6.6%. And with key rent reviews due in September 2004 the reversionary yield is 7.4%.
Simon Latham of ING Real Estate Investment Management, manager of the Lionbrook fund said: "Reading Retail Park offers active management potential with redevelopment angles to be considered following rent reviews next year. While the town is well supplied with out of town retail accommodation, the park is the only one that serves the west side of Reading and it is therefore well-situated to capitalise on strong consumer demand."
ING REIM acting on behalf of Lionbrook was advised by Strutt & Parker. CB Richard Ellis acted for The Junction Limited Partnership.
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