Development and investment property company Martin’s Properties has acquired the freehold interest in Bognor Regis Retail Park to add to its regional investment portfolio.
The 83,982 sq ft retail warehouse scheme, fully let to Home Bargains, The Food Warehouse, Matalan, Dreams, Halfords and a KFC drive-thru, was purchased from an institutional investor.
Located on the northern edge of Bognor Regis, West Sussex, the prominent roadside scheme fronts the main A29 access road and comprises six purpose-built retail warehouse units with 280 car parking spaces on a 5-acre site.
Gary Sherwin, head of transactions at Martin’s Properties, said: “As one of only two out-of-town retail schemes in the area, and with over 800 new homes planned or underway within a 10-minute drive, this investment provides a great opportunity for generating rental growth through active asset management using our in-house team.
“We have additional cash immediately available and are actively looking to deploy into additional core plus and value-add retail warehouse and multi-let industrial assets of £5-20m.”
Richard Bourne, CEO at Martin’s Properties, added: “This acquisition is part of the ongoing strategy to restructure our existing £115m regional investment portfolio with a focus on retail warehouse and industrial estates across the South of England, as well as a multi-sector portfolio in Oxfordshire.
“All assets in the portfolio are in prime or growing locations and capitalise on occupational supply/demand imbalance and continued inward investment into the local area and economy.
“The Martin’s Properties portfolio also includes a £250m prime Chelsea mixed-use investment portfolio and the development of a self-storage portfolio across the South and South West of England using £35m of capital.”
Colliers advised Martin’s Properties. Edgerley Simpson Howe advised the seller.
