Standard Life Investments, on behalf of its UK Property Fund, has paid £13.8m for the Rockingham Street Car Park,
The acquisition from Cordwell Cordwell (Portobello) Ltd (part of the Cordwell Property Group) reduces the cash position in the Fund from 19% to 13%.
The car park is located to the west of the city centre and is near
It provides 531 parking spaces over six levels with a 9,300 sq ft shop at ground level. The property is leased to Q-Park Ltd for 35 years and benefits from five-yearly rent reviews in line with Retail Price Index increases (subject to an annual 2.5% collar and 5% cap). The purchase price represents an average yield of 5.72% in the first five years.
Nigel Chapman, fund manager of the UK Property Fund, Standard Life Investments, said: “We are delighted that we have been able to complete the purchase of such a high-quality, income producing asset on behalf of the UK Property Fund. The Rockingham Street Car Park provides good diversification in terms of income, reduces the cash balance held in the Fund and provides an attractive yield for investors geared to RPI”.
paul.norman@estatesgazette.com
Standard Life Investments, on behalf of its UK Property Fund, has paid £13.8m for the Rockingham Street Car Park,
