Staffordshire retail park sold for £13.3m

A 44,800 sq ft retail park in Lichfield has been sold by its owner for £13.3m.

LondonMetric Property has announced that the Metric Income Plus Limited Partnership its joint venture with the Universities Superannuation Scheme, has exchanged contracts on the sale of its Lichfield Retail Park to Mayfair Capital’s MCCPT, reflecting a yield of 5.8% rising to 6.0% in June.
 
The retail park is anchored by Wickes with four other units let to Carpetright, Halfords, Pets at Home and Bensons for Bed. It was purchased in October 2012 and has generated a return on equity of 50%.

The property investor has also sold a retail park in Derry.

Andrew Jones, chief executive of LondonMetric, said: “Both are strong assets that have given us terrific cash returns and attractive capital gains, however we now believe that there are other opportunities available for us that better suit our ability to institutionalise under-managed assets.” 
 
Strutt & Parker and Savills advised MIPP on its Lichfield disposal while Wilkinson Williams advised Mayfair Capital.