Racecourse Retail Park sold for £61m

LAND Securities today sold its Racecourse Retail Park in Liverpool for nearly £61m.

AIM-listed Guernsey-based company London & Stamford Property is the new owner of the development which adjoins the famous Aintree Racecourse.

The deal is London & Stamford’s first foray into the North West market. It is already present in Yorkshire and owns a 50% share in the Meadowhall shopping centre in Sheffield and also owns the N1 Whitehall office development in Leeds.

The Racecourse Retail Park comprises of 13 units occupying  291,471 sq ft . There is parking on site for more than 1,0000 cars.

Tenants include B&Q, Homebase, Mothercare, Next and Boots with a weighted average unexpired lease term of approximately 13 years. In February Marks & Spencer opened a 39,000 sq ft store, creating more than 120 jobs.

London & Stamford said the development generates £5,481,579 per annum and is let at rents ranging between £13.00 and £30.00 per square foot.

Savills acted for London & Stamford Property Limited and Cushman and Wakefield acted for Land Securities.

Raymond Mould, the non-executive chairman of London & Stamford Property, said: “This acquisition marks our first purchase in the retail warehouse sector.

“The park combines security of income from a good tenant mix, sustainable rents and, after leverage, a very attractive cash on equity return with scope for adding value through planning and asset management initiatives.”