Greenridge announces strategic acquisition of Waitrose & John Lewis at Home in Ipswich
Greenridge Investment Management is pleased to announce the acquisition of the Waitrose & John Lewis at Home property on Futura Park, Ipswich. The acquisition was completed at a price £21.9 million, reflecting a net initial yield (NIY) of 8.05%. This strategic purchase marks the third acquisition for Greenridge’s GO Fund.
The prime East Anglian property was acquired from an institutional fund client of Cushman & Wakefield, who represented the vendor, with KLM Real Estate acting for Greenridge. Developed in 2012, the property comprises a high-quality, purpose-built, standalone retail warehouse totalling approximately 71,235 sq ft. The unit is occupied by John Lewis Properties Plc on a long lease until November 2037 and benefits from 5 yearly fixed rental uplifts.
Investment Highlights:
Greenridge Investment Management sees this acquisition as a further opportunity to meet the GO Fund’s income and capital return parameters, driven by several factors:
Prime Location: The property is situated in Futura Park, Ipswich’s leading out-of-town retail destination, which encompasses around 30% of the town’s retail warehousing.
Strong Tenant Covenant: Fully-let to a major corporate tenant, John Lewis Properties Plc, trading as Waitrose and John Lewis at Home, ensuring a reliable income stream.
Guaranteed Rental Uplifts: The property benefits from 5-yearly fixed rental uplifts at 3% per annum compound, with the next review scheduled for November 2027.
Modern Facilities: The property comprises a purpose-built, modern foodstore and retail warehouse extending to a total of 71,235 sq ft (GIA) with approximately 14.1 years remaining on the lease. There is an excellent parking provision with 409 spaces (1:174 sq ft) adjacent to the stores.
Sustainability: The store boasts excellent ESG credentials and an EPC B rating.
