Metric Buys UK Retail Park
Metric Property Investments Plc has acquired a UK retail park for £15.1 million (€17.7 million) from Black Pearl Investments. The 6,200-square-metre property, Pierpoint Retail Park in King’s Lynn, is fully let to tenants including Homebase, DFS, Comet and Barclays Bank with an average unexpired lease term of 4.1 years.
“Pierpoint Retail Park is a terrific opportunity to acquire an asset off low passing rents with high occupier contentment. As leases expire we will aim to increase our total rental income by reconfiguring and sub-dividing some of the larger units into smaller, more attractive premises as well as looking to add new accommodation onto the site,” says Andrew Jones, chief executive of Metric.