Land Securities has announced that it has exchanged contracts for the sale of the freehold interest in Racecourse retail park Aintree, Liverpool to London & Stamford Retail Limited for £61 million at an 8.5% yield.
Land Securities has sold the Racecourse retail park in Liverpool.
The property comprises a bulky goods retail park totaling 290,000 ft² which Land Securities has recently enhanced through obtaining open A1 planning consents on 60,000 ft² to bring Marks & Spencer, Next and Boots to the park. The property provides a current rental income of approximately £5.4 million per annum.
Dominic O'Rourke, Head of Retail Warehousing for Land Securities said: "Land Securities is pleased to have disposed of this property in a more challenging investment market. Having improved the planning consent and brought new retailers to the park in 2008 the property now provides stable income but no longer has the same opportunity for value enhancement in the near future."
Cushman & Wakefield acted for Land Securities and Savills represented London & Stamford Retail Limited.
Source: Land Securities