Legal & General Investment Management has launched the investment sale of Chineham Shopping Park in Basingstoke through BNP Paribas Real Estate with a guide price of €64.46m (£57.4m), reflecting a net initial yield of 6%.
The dominant Tesco-anchored shopping park, which sits on an 18.5-acre site, comprises a Tesco food store that extends to 76,000ft², a retail warehouse terrace comprising four purpose-built units (45,800ft²) and 25 unit shops (45,000ft²).
Chineham Shopping Park is home to 29 tenants in total including Tesco, Marks & Spencer Simply Food, Boots and Matalan and produces a rental income of approximately €4.27m (£3.8m) per annum. The property has been owned by the Legal & General Life Fund for in excess of 20 years and presents investors with significant potential development opportunities including the possibility to create additional big box units and 110 residential units, subject to planning consent.
Legal & General has instructed BNP Paribas Real Estate to undertake the sale.
