Retail Property - Stadium takes Hull retail park for £30 million

Eddie Healey's Stadium Developments has paid Deutsche Bank£30 million for the 128,000 sq ft (11,900 sq m) Kingston Retail Park in Hull. The purchase price shows a yield of 5.6 per cent.

Located on the A63 Hessle Road close to the city centre, the scheme has open A1 planning consent for both food and non-food.

Existing tenants on Kingston Retail Park include Toys R Us, Mothercare, JJB Sports, Comet, Currys, Carphone Warehouse, PowerHouse, Carpetright and Au Naturale. Rents average£15 per sq ft (£160 per sq m).

The Hull development is Stadium's second retail park acquisition by this year.

Earlier this year it bought the Forge retail park at Telford in Shropshire and it recently announced plans for a significant refurbishment of this scheme, together with a 20,000 sq ft (1,860 sq m) letting to Next.

Stockford Staunton and Smith Young acted for Stadium. Harvey Spack Field represented Deutsche Bank.