Martin’s Properties has acquired the freehold interest in Bognor Regis Retail Park from an institutional investor for an undisclosed price.
The 83,982 sq ft retail warehouse scheme, which is located on the northern edge of Bognor Regis, is fully let to Home Bargains, The Food Warehouse, Matalan, Dreams, Halfords and a KFC drive-thru.
Gary Sherwin, head of transactions at Martin’s Properties, said: “As one of only two out-of-town retail schemes in the area, and with over 800 new homes planned or underway within a 10-minute drive, this investment provides a great opportunity for generating rental growth through active asset management using our in-house team. We have additional cash immediately available and are actively looking to deploy into additional core plus and value-add retail warehouse and multi-let industrial assets of £5m to £20m.”
Richard Bourne, CEO of Martin’s Properties, added: “This acquisition is part of the ongoing strategy to restructure our existing £115m regional investment portfolio with a focus on retail warehouse and industrial estates across the South of England, as well as a multi sector portfolio in Oxfordshire. All assets in the portfolio are in prime or growing locations and capitalise on occupational supply/demand imbalance and continued inward investment into the local area and economy.”
Colliers advised Martin’s Properties and Edgerley Simpson Howe advised the vendor.
