Question: The Bayes Retail Outlet Park is for sale with an asking price of £28,939,650. It contains 50 units, 35 large units that rent for £5,150 per month and the remainder are smaller units which rent for £3,525 per month. The recent pandemic has put pressure on destination retail parks and consequently current vacancy rates are 10%. The Operating Expense Ratio, based on all operating expenses being fixed, for this property is 15%. a) Construct the year 1 Net Operating Income for this property and calculate its initial yield. If comparable retail outlet parks are currently selling at a 7.50% initial