Greenridge divests warehouse in Ipswich

Greenridge Investment Management has confirmed the disposal of the purpose-built Waitrose & John Lewis at Home site located at Futura Park, Ipswich, UK.

Waitrose John Lewis, Futura Park, Ipswich

The property was originally acquired in May 2024 for £21.9 mln (€26.3 mln) as a strategic addition to Greenridge’s GO Fund, with an initial yield of approximately 8%.

Following a period of active management and rising demand for secure, long-income retail assets, the property has been sold for £28.6 mln (€34.3 mln).

This represents a significant capital appreciation from the purchase price, a net initial yield of approximately 7.1%, as well as substantial rental income generated for the Fund during the holding period.

The development is a high-specification, modern retail warehouse spanning roughly 6,596 m2 and featuring 409 parking spaces.

It is fully let to the John Lewis Partnership, providing exceptional covenant strength. The asset benefits from a long-term lease agreement that includes fixed rental increases, ensuring predictable revenue uplift.

The sale aligns with Greenridge's strategy of identifying high-quality, income-generating retail assets with robust underlying fundamentals and exiting when market conditions optimise value.

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.”