25th November 2018

Pasteur Retail Park, Great Yarmouth

On behalf of the Ediston Real Estate’s and Europa Capital’s joint venture, this prime bulky retail park was purchased in March 2014 as the first acquisition of the Joint Venture’s 4th fund together.

The property is a modern purpose built retail park totalling 121,938 sq ft fully let to national retailers including; B&Q, Tapi Carpets, Home Bargains, Pets at Home and Argos.  The property benefits from a long weighted average unexpired lease term and low passing rents providing a secure investment and also allowing excellent trading condition for tenants.

PURCHASE

Purchased in March 2014 by Ediston Real Estate on behalf of the EOP II JV S.A.R.L. joint venture vehicle.

ACHIEVEMENTS

  • Secured a letting to Tapi Carpets within 1 month of purchse on the single vacant unit providing a now fully let park;
  • Secured planning consent for a downsize of the B&Q unit to provide up to 3 units in the sourthern section of the existing B&Q footprint;
  • Extended Pets at Home lease by 10 years from 2019 providing a long unexpired term compared to today’s average lease lengths; and
  • Secured terms for a pod unit to be built in the car park subject to planning and B&Q’s approval.
ARTICLE WRITTEN BY