Cannock retail park sold for £7.5m

PROPERTY owner LondonMetric has sold its Watling Retail Park in Cannock for £7.5m to an unanmed UK institution.

The 25,000 sq ft retail park was developed by LondonMetric in November 2012. It is fully let to DFS, Carpetright and Porcelanosa.

LondonMetric told the London Stock Exchange this morning that the deal crystallises a profit on cost of 32%.
 
Strutt & Parker advised LondonMetric on the deal.

LondonMetric has also sold a DFS property in Enfield, North London for £24.5m.
 
Andrew Jones, chief executive of LondonMetric, said: “We view the retail property sector opportunistically and will recycle assets which have delivered on their business plans.

“Both of these assets have generated very strong returns for us and we will continue to capitalise on the high demand from institutions for strong, well-let real estate.”