Greenridge Investment Management has sold the 71,000 sq ft Waitrose and John Lewis at Home development at Futura Park, Ipswich, for £28.6m, in a deal reflecting a net initial yield of circa 7.1%.
The property, which was originally purchased in May 2024 for £21.9m for Greenridge’s GO Fund, is let in its entirety to the John Lewis Partnership, benefiting from a long lease with fixed rental uplifts and strong covenant strength.
Alex Walker, partner at Greenridge Investment Management, said: “This sale highlights that our conviction in well-located retail warehousing with secure contractual income to a strong covenant was justified at a point in the cycle when many others were retrenching investment activities. We’re delighted that our ability to unlock value through our defined strategies and disciplined acquisition process alongside active asset management has again resulted in an excellent return for our investors.”
