Lincoln-based PAI member Banks Long & Co reported no let-up in the unprecedented levels of demand being seen from commercial property investors interested in the city – as the firm announced another exciting opportunity.
Managing Director Tim Bradford said there had been no slowdown in the strong level of transactional activity seen at the start of the year – and he unveiled a £46.33m investment on what is claimed to be Lincoln’s best retail park.
“The city is out-performing many of its Midlands’ neighbours. Lincoln enjoys a captive retail catchment of well over 500,000 people with a demographic profile well above the national average in areas such as “affluent achievers” and “comfortable communities,” said Mr Bradford.
“It is growing at a fast rate. Infrastructure projects, such as the East/West Link Road (now completed), work underway on the Eastern Bypass, the continued growth of the University and the long-awaited major regeneration of the city centre and the Cornhill Quarter are all adding to the city’s transformation.
“Today, we align ourselves to other prosperous Cathedral cities, such as Canterbury and Exeter, and investors recognise the excellent growth potential which Lincoln has to offer.”
Late last year, Banks Long & Co completed over £16m worth of property investment transactions in Lincoln, including the sale of a retail park let to The Range and Wren Kitchens for a figure in access of £12m, and the acquisition of a large city centre retail and office building for a price of around £3m.
The firm also secured planning permission for a major new student development providing 469 beds, arranged around a new “town house” style concept, with car parking.
Banks Long & Co has now been instructed to act, together with Wilkinson Williams, in offering Valentine Park – jointly-owned by British Land and Castle Square Developments – to potential investors.
The firms are looking for offers in excess of £46.3m, which would result in a net initial yield of 5.95 per cent.
The prime retail park, which is anchored by Next, TK Maxx and Asda Living – is also home to Dreams, DFS, AHF, American Golf, Harveys, Costa, Carphone Warehouse.
On April 4, they will be joined by Hobbycraft.
Mr Bradford, who is handling the investment sale, said: “This is a major disposal. It provides an investor with the opportunity to buy the best retail park, in a prosperous Cathedral city which is expanding.
“We expect to see strong interest from a wide range of buyers, including pension funds, specialist property investment vehicles, local authorities and larger property companies.”