Property News - Canada Life snaps up Ilkeston retail park for £8.9m

Canada Life Limited has sold the freehold of the Waterside Retail Park at Ilkeston in Derbyshire to Siemens Benefits Scheme for£8.9 million. This reflects a net initial yield of 6.8 per cent.

The six-unit, 67,950 sq ft (6,310 sq m) retail park scheme is let to Focus, Somerfield, Poundstretcher, Halfords and shoe retailer Brantano on leases with 17 years left to run. The average rent is£9.38 per sq ft (£101 per sq m).

CB Richard Ellis acted on behalf of Siemens Benefits Scheme. Canada Life was advised by Edgerley Simpson Howe & Partners.