Ediston Property Investment Company to acquire retail park

Ediston Property Investment Company has agreed to acquire the Abbey Retail Park in Daventry from Threadneedle Property UK Select Fund for £11.95m.

The property provides 63,160 square feet of retail warehousing with parking for 386 cars on a five acre site. The yield will be 7.80% when the park is fully let.

The weighted average unexpired lease term is just under 10 years. Two units and two kiosks are vacant.

Calum Bruce, the director of investment at the company's investment adviser, said: "This purchase is in line with our strategy of acquiring quality assets with good, core income streams, but with angles to be exploited through active asset management and a focused letting strategy. We are confident that we will be able to attract high calibre tenants to the vacant units."