Greenridge announces sale of Waitrose & John Lewis at Home, Ipswich
Greenridge Investment Management is pleased to announce the successful sale of the purpose-built Waitrose & John Lewis at Home development at Futura Park, Ipswich.
The property was originally purchased in May 2024 for £21.9 million as the third acquisition for Greenridge’s GO Fund, reflecting a net initial yield of c.8%. It was acquired as part of Greenridge’s strategy to target high-quality, income-generating retail assets with strong underlying fundamentals.
Following a period of active asset management and increased demand for secure, long-income retail warehousing, the asset has now been sold for £28.6 million (c. 7.1% net initial yield), representing a significant uplift in value. The Fund also benefitted from the receipt of substantial income through the hold period.
Comprising a modern, purpose-built retail warehouse extending to approximately 71,000 sq ft with 409 car parking spaces, the property is let in its entirety to the John Lewis Partnership, benefitting from a long lease with fixed rental uplifts and strong covenant strength.
Greenridge Partner, Alex Walker, said: “This sale highlights that our conviction in well-located retail warehousing with secure contractual income to a strong covenant was justified at a point in the cycle when many others were retrenching investment activities. We’re delighted that our ability to unlock value through our defined strategies and disciplined acquisition process has again resulted in an excellent return for our investors.”
This disposal marks another successful realisation for Greenridge and Greenridge’s GO Fund, reinforcing its track record of delivering strong returns through targeted investments across the UK.
Published in Green Street News, BE News, Property Week and Estates Gazette.
