Hercules Unit Trust has sold the West Cornwall Shopping Park in Hayle to IM Properties for £26 million (approx. €31.2 million), reflecting a net initial yield of 5.4%.
The 50,000 ft² (approx. 4,645 m²) shopping park comprises four units let to M&S, Next, Boots and Costa Coffee and 200 car park spaces. The park has an average unexpired lease term of just under ten years.
Charles Maudsley, Head of Retail for British Land, said: "The sale is in line with Hercules Unit Trust’s business plan and fund strategy to dispose of smaller, non-core assets."
British Land was represented by Wilkinson Williams. IM Properties was represented by Jones Lang LaSalle.
Source: British Land