Glenstone acquire Wickes & Pets at Home units located in Rushden
Posted on January 14, 2021
Glenstone Property Plc are pleased to announce the acquisition of two, out of town retail warehouse units. The site offers well configured units, located in a prominent position directly opposite Waitrose and within close proximity to the popular Rushden Lakes.
The units are let to Wickes and Pets at Home who have both reported strong trading performances throughout the COVID-19 pandemic. Both are deemed to be essential retailers.
The site has a relatively low site coverage and offers the opportunity to develop a further unit subject to the usual consents.
The freehold was purchased for £5.2 million reflecting a net initial yield of 7.67%.
The acquisition forms part of Glenstone’s wider strategy of diversifying the portfolio with the two tenants’ recent performance being of particular importance.