Kitchen La Frenais Morgan acquires Dukes Walk Shopping Centre, Waterlooville on behalf of Threadneedle.
Kitchen La Frenais Morgan has advised on the freehold purchase of Dukes Walk at a price of £18.75 m. Dukes Walk is a 106,000 sq ft retail scheme anchored by a 42,000 sq ft Waitrose. The centre has a low vacancy rate with 85% of the income secured against low risk covenants with 45% of the income secured against the Waitrose covenant. The scheme also provides 200 car parking spaces.
Investment partner, Mark Bennett comments: “This investment purchase provides the fund with a well let investment secured against excellent covenants. A number of rebased rents in the scheme provide good prospects for growth while there are also a number of asset management initiative’s which will enhance the property fundamental’s in the short to medium term.”
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