We advised Abrdn on the sale of Central Six Retail Park, Coventry to AEW, represented by Harvey Spack Field. The scheme extends to 12 acres and is strategically located on the southern edge of the town centre, adjacent to Coventry Rail Station and the Friargate regeneration area.
The 140,000 sq ft park comprises 14 retail units and is held long leasehold with 125 years unexpired. Tenants include TK Maxx, Poundland, Barnardo’s Next, Sports Direct, Boots, Hobbycraft, American Golf and Burger King, as well as three void units. The WAULT to expiry and breaks is 4.1 years and 2.75 years respectively.
The agreed net price after deducting a two year guarantee on the Sports Direct unit, where the tenant served a break notice during the course of the transaction is £16.41 million.