Orchard Street Investment Management LLP has acquired Stadium Retail Park, Wembley for £14.2 million (approx. €17 million) from Quintain Estates and Development PLC. The purchase, reflecting a net initial yield of 5.6%, was made on behalf of St. James’s Place Wealth Management.
The retail park, which covers 37,400 ft² (approx. 3,474 m²), is located close to Quintain’s Wembley Park development and is fully let to Curry’s, Maplin, Lidl, JD Sports and McDonald’s. The annual passing rent is £840,150 (approx. €1 million) and long occupational leases are in place on all units.
Gary Felce, Partner at Orchard Street, commented: “This is an excellent purchase for St. James’s Place Wealth Management, combining both steady income and growth potential in an exciting Greater London property market that is set for significant investment.”