Property news - ISIS agrees to fund Blackburn park for £32m

Isis Property has agreed to forward fund Henry Boot Developments' retail park project on the Nova Scotia site at Blackburn in Lancashire for£32 million, reflecting a net initial yield of 6.5 per cent.

The 12,650 sq m retail park will be anchored by B&Q, which has taken 9,290 sq m on a 25-year lease at£145 per sq m. The remaining 3,360 sq m are arranged in three units, all currently under offer to national retailers.

ISIS Property, advised by FPD Savills, acted for Royal & SunAlliance Life & Pensions, while GVA Grimley acted for Henry Boot Developments.