UK Commercial Property Trust Limited announces that it has agreed to the sale of 176-206 Kensington High Street, London and disposed of 134-138 North Street, Brighton in two separate transactions for a total consideration of £82.7 mln (€117 mln), which is marginally ahead of their aggregate valuation as at 31 March 2015. The assets have been deemed to be non-core to UKCPT’s ongoing strategy and the sale proceeds are to be reinvested in selective institutional grade assets with a sustainable income focus.
176-206 Kensington High Street, which comprises a 1.13 acre plot with 57,000 ft² (5,295 m²) of retail and 108 residential flats, has been sold to a private purchaser. Since acquiring the property, UKCPT has implemented a range of asset management initiatives including reconfiguring the retail units and attracting new tenants such as YO! Sushi, Sports Direct, Kuoni and Snow + Rock. UKCPT will continue to benefit from the asset’s rental income during the three month completion period.
The sale of 132-134 North Street in Brighton has completed and is part of UKCPT’s move away from properties of smaller lot sizes. The property is let to Sainsbury’s, Sports Direct and Poundland for an average 4.5 years unexpired term.
Colliers advised UKCPT and CBRE advised the purchaser on the sale of 176-206 High Street Kensington. KLM acted for UKCPT on the sale of 134-138 North Street, while the purchaser was advised by Savills.