DTZ Investors has acquired Goodmayes Retail Park in Chadwell Heath, London, from Landsec for LGPS Central’s recently launched UK Direct Property Fund.
Goodmayes Retail Park was put on the market last year with a reported price tag of £26m+ and it is understood DTZ Investors paid around £23m for the park.
The circa 102,000 sq ft park is let to a range of retailers including Wickes, Currys, Carpetright, The Gym, Nandos, Costa and Masala Bazaar.
Mike Hardwick, investment director for property investments at LGPS Central, said “While the availability of investment opportunities remains constrained we are pleased to have secured a further investment for the fund. The initial investments have all been in Greater London, which is a property market that in general has strong fundamentals, with Goodmayes in particularly benefiting from its close proximity to new Crossrail infrastructure. We expect to continue deploying capital into strong assets over the coming months, across the UK”
Sam Brice, director at DTZ Investors, added “We are delighted to have secured a third investment for the LGPS Central UK Direct Property Fund. Goodmayes Retail Park aligns with the wider fund strategy of investment into strong locations with diverse underlying occupational demand. With the relatively low rental levels across the park, the asset is well positioned to benefit from the low vacancy rates across the retail warehouse sector and demand stimulated by Crossrail-led regeneration. We are actively seeking further opportunities in core markets across the UK as we continue to grow the fund.”
Hampson Wall and Burges Salmon LLP advised DTZ Investors and LGPS Central.
