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London, 10th September 2012 - IM Properties, on behalf of Charity Vision, has bought Tybridge Street Retail Park in Worcester from clients of AXA Real Estate for £13.37m, reflecting a net initial yield of 7.9%.
The 72,300 ft² property is let to Homebase and PC World for a further 15 years, and is situated on the western edge of the City Centre. A corner of the property has been sold off on long leasehold to McDonalds.
Jonathan Perkins, Director Out of Town Retail and Leisure Jones Lang LaSalle said: “Retail parks have shown resilience during the economic downturn, and we anticipate that such assets that are well located, with secure income profiles and strong tenant mix will continue to attract the interest of investors.”
Jones Lang LaSalle acted for IM Properties and Wilkinson Williams acted for AXA.
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