Orchard Street buys Slough Retail Park for £63m
Orchard Street Investment Management has acquired Slough Retail Park in Berkshire from fund manager Benson Elliot, in a £63m deal.
The property investment manager made the acquisition on behalf of wealth management business St James’s Place.
The park, which specialises in furniture retail, spans 152,467 sq ft across eight retail warehouse units, with 546 on-site car parking spaces.
Orchard Street Investment Management has acquired Slough Retail Park in Berkshire from fund manager Benson Elliot, in a £63m deal.
The property investment manager made the acquisition on behalf of wealth management business St James’s Place.
The park, which specialises in furniture retail, spans 152,467 sq ft across eight retail warehouse units, with 546 on-site car parking spaces.
Its retail tenant line-up includes DFS, The Range, Sofology, Wren Kitchens and Smyths Toys, providing a total annual rental income of £3,603,195.
This reflects an average rent of £23.63 per sq ft. Orchard Street was advised by Morgan Williams on the deal, whilst Benson Elliot was represented by Cube Real Estate.
Barney Rowe, partner at Orchard Street, said: “The park is well-located and serves as the local area’s principal furniture destination, presenting a compelling investment proposition”.
Slough is set to benefit from the arrival of the new Elizabeth Line railway, formerly known as Crossrail, in 2019.
The area is currently undergoing a major regeneration, with a £900m residential-led redevelopment of the Queensmere Observatory shopping centre and a £450m new commercial and residential district.
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