Investment Summary
- A total acquisition price of £24m.
- Forward funding for a new retail warehouse development of circa 108,000 square feet.
- Pre-let to B&Q plc
- Located approx 2.5 miles from Sheffield City Centre.
The Property
This retail warehouse development is located close to the Meadowhall Shopping Centre and Retail Park in Sheffield, the UK’s fifth largest city.
SI Limited Partnership No 2 acquired a freehold interest in, and provided development funding for, the warehouse, offering circa 108,000 square feet and 577 car parking spaces.
The property was pre-let to B&Q plc, one of the UK’s most successful and innovative home improvements retailers. Let on a 25 year full repairing and insuring lease, SI Limited Partnership No 2 offered a strong tenant covenant.
Investment Structure
SI successfully raised £4.9m of investor equity, with the remainder of the funding provided by a bank loan from HBOS. Sold in September 2005 for £27.7m, the SI Limited Partnership No 2 provided an investor return of 40% over the 20 month hold period.
The Information Memorandum for SI Limited Partnership No 2 can be accessed from our Introducers Area.