Land Securities today announces that it has completed the long leasehold sale of the Chester Retail Park, Chester to Consolidated Property Group (CPG) for £44.5 million (approx. €48.9 mln.), achieving a yield of 6.9%.
The 150,100-ft² (13,944-m²) retail park is situated to the northwest of Chester city center, benefits from open A1 planning consents and provides an annual rental income of £3.1 mln. per annum.
The former Homebase unit was recently reconfigured to accommodate Tesco Home Plus and other occupiers on the park include TK Maxx, Mothercare and McDonalds. The park has one void unit.
Dominic O'Rourke, Head of Retail Warehousing for Land Securities said: "The funds from this transaction will further increase Land Securities' flexibility in regard to investment opportunities. We believe that while this retail park offers stable income it does not fit Land Securities' criteria for future investment."
Stuart Dawson of Consolidated Property Group added: "We are pleased to have completed the purchase of Chester retail park, which is the third open A1 retail park acquisition for CPG this year."
Source: Land Securities