OUR TRACK RECORD IS BIG
Metis acquired Alexandra Retail Park in Tunstall town centre for Columbia Threadneedle in an off-market transaction for £18m in June 2015.
Metis simultaneously sub-sold the PCT to Assura HC Ltd for £6.4m at a strong cap rate that raised the overall entry yield on acquisition to in excess of 7%. This showed an attractive discount to the long term pricing for well-let retail warehouse park investments in the UK’s major regional cities.
Alexandra Park is a very modern and well-designed out of town retail scheme positioned on the edge of Tunstall town centre. Extending to 9,382.85 sq. m. (100,997 sq. ft.) in ten well-configured units the park trades well and boasts an enviable national multiple line-up, including DW Sports; Supersavers; Carphone Warehouse; Costa Coffee; Home Bargains; Iceland; Boots; Card Factory; Barnardos and Stoke-on-Trent PCT. Despite the quality of the line-up, rents are very modest averaging only £12 psf, offering real growth potential. The income is also very secure, offering an attractive WAULT of over 14 years.