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LONDON-The BBC Pension Trust has paid £11.45 million ($16.25 million) for the freehold of the Arun Retail Park in Bognor Regis, West Sussex. The purchase prioce reflects a net initial yield of 7.45%.

Arun Retail Park occupies a prominent site in the town’s main out-of-town retail location and next to the Tesco superstore on the western side of the A29 Shripney Road. The tenants on the 84,289-sf retail warehouse park include B&Q, Scottish Power, Comet, Carpetright, Kwik Fit and Burger King. The passing rents of £9.77 to £10.63 ($13.87 to $15.09) per sf are considered reversionary.

FPDSavills and Edmund Kirby advised the vendor, the Merseyside Pension Fund and Insignia Richard Ellis represented BBC Pension Trust.

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