21st February 2020
Martin’s Properties, a leading property investment and development company based in Central London and operating throughout the South of England, has acquired its first retail park as it continues to diversify its £375 million property portfolio.
The acquisition of Hadden Hill Retail Park in Didcot from IM Properties for £8.25m, reflects a net initial yield of 7.6%. The 41,814 sqft Retail Park sits on a site of 3.82 acres and is the only retail warehousing provision in Didcot. The property is let to B&M, Halfords and Carpet Right with an average weighted unexpired lease term of 7.5 years, producing a total rent of £667,500 pa.
Richard Bourne, Managing Director, Martin’s Properties commented: “The acquisition of our first retail warehouse park marks another important investment milestone as we continue to diversify our property portfolio. Yields across the retail warehousing sector have softened significantly over the past 18 months and we believe the market undervalued where rental levels have already been rebased. We are keen to secure additional investments in a variety of sectors where occupational market dynamics remain tight and we can deliver performance through asset management, refurbishment and development.”
Brook Stotesbury, Commercial Asset Manager, Martin’s Properties commented: “We believe the attractive yield represents a disparity in pricing between buyers and sellers. The acquisition is expected to deliver solid returns with the capacity to drive additional value through active asset management. Didcot is an affluent commuter town with excellent transport links both into London via train and across the South East, due to this connectivity, the town is expected to see substantial population and housing growth over the next 10 years.”
KLM Retail advised IM Properties. ESH advised Martin’s Properties