7th October 2014

Alder King achieves investment sale of Gloucester retail warehouse

Property consultants Alder King, acting on behalf of the Rowe Group, have secured the freehold investment sale of Units 1 and 2 Eastern Avenue, two modern retail warehouses situated on the A38 in Gloucester.  The 22,663 sq ft property was sold for £4.25 million to NewRiver Retail reflecting a net initial yield of 8.3%.  The purchaser was advised by Strutt & Parker.

The property, located in Gloucester’s core retail warehouse location, is let to DSG Retail (trading as PC World) and Magnet until 2021 and 2024 respectively and produces a combined annual rental of £373,100.

Oli Stretton from Alder King’s investment team said: “We are retained by the Rowe Group to provide strategic asset management advice across its property portfolio. The successful disposal of this asset, achieved at a figure above the quoting price, will facilitate re-investment into the Group’s target sectors.”