REDEVCO UK, the privately owned property investment and development company has disposed of the last remaining former C & A distribution centre in Woking for â‚¬12.9 m to industrial specialist Astral Developments for itâ€™s Big Shed Fund set up with the Blackstone Group.
The fund has bought the 10 acre site and has secured planning permission to build a single speculative shed of 16,760 square metres. REDEVCO had previously leased the former C & A distribution centre in Rochdale to TK Maxx and sold a further distribution centre in Highamâ€™s Park, London to Tesco supermarkets Plc.
Further sales include disposing of a retail store let to Next in the Eastgate Centre, Inverness to the Royal and Sun Alliance for â‚¬7.96 m. The store is let for a further 18 years at a passing rental of â‚¬558,000 per annum.
A sale has also been concluded on a store at 51 Scotch Street, Carlisle for â‚¬7.25 m. The store was purchased by Morley and let to Littlewoods for a further 21 years at a passing rental of â‚¬637,000 per annum.
In addition a local property developer has acquired a retail store on Commercial Road, Bournemouth for â‚¬3.85 m. The property is currently vacant.
These sales bring the total number of properties sold by REDEVCO UK this year to 21 with total sale proceeds exceeding â‚¬100 m. Andrew Vaughan, Managing Director of REDEVCO UK commented â€œwe continue to actively trade our portfolio in order to diversify and are concentrating on future opportunities in high street; retail and city centre offices in Central London and the major regional citiesâ€.
(source: Redevco UK)