LondonMetric Property Plc (“LondonMetric”) announces that it has sold a retail park in Warrington for £6.6 million, at a NIY of 5.4% and acquired an 89,000ft² distribution warehouse in Hemel Hempstead for €9.8 million (£8.3 million), at a NIY 6.4%.
The Fordton retail park in Warrington comprises 1,876m² (20,200ft²) and is let to Aldi, Greggs, Betfred, Barnardo’s and Costa. There is an adjoining pub which has recently been developed and sold off on a long leasehold. The weighted unexpired lease term is 14.8 years. The sale is marginally ahead of March 2016 book value.
In Hemel Hempstead, the recently refurbished distribution warehouse is located on Maylands Business Park, close to J8 of the M1 and J21A of the M25. The warehouse is let to ITAB, the shop concept company, at a rent of £6.24 psf and has an unexpired lease term of 8.3 years. The next rent review is in December 2019.
Andrew Jones, Chief Executive of LondonMetric, commented: “We continue to recycle equity from our mature retail parks into well located logistics assets, which we are confident will benefit from the ongoing structural changes impacting occupiers and deliver superior rental growth.”
LondonMetric was advised by JLL.
