Property investor Custodian REIT has added the 24,322 sq ft Discovery Retail Park, London Road, Grantham, to its growing portfolio.
The company, which has now invested £81.2m since its listing on the London Stock Exchange on 26 March 2014, has acquired the park comprising three retail warehouse units let to Carpetright, Poundstretcher and Laura Ashley with a total passing rent of £324,286 per annum.
The agreed purchase price of £4.38m was funded from the company’s existing facilities and reflects a net initial yield of 7 per cent.
Richard Shepard-Cross, managing director of the company’s external fund manager Custodian Capital, praised the park’s location in Granthams’ prime out of town retail pitch and emphasised that recent developments in the area, including a new M&S Simply Food, demonstrated its strength.
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