Rowan Asset Management has completed a deal to purchase a three acre warehouse site in Southend from Scottish Widows for £6,425m.

The acquisition is part of Rowan’s plans to invest in strong commercial property in the South East. The site on Greyhound Retail Park currently has a net yield of 6.5% and comprises of a 3,405sqm warehouse unit with 162 car parking spaces. The unit is currently let to Matalan Retail Limited and currently produce £440,000 per annum in retail revenue.

When PIN asked Rory Penn, associate director of Rowan what the asset management opportunities of the site were he said: “The site is let for another 15 years, so at this stage we cant be specific. However needless to say, it is a well located three acre site with development potential and space for either retail/ restaurant or in the longer term a residential led mixed use scheme.” When asked why this area of Southend was chosen Penn added: “The site is located in a good residential area which has a shortage of retail developments.”