Retail park sold in £16m portfolio deal

A GRIMSBY retail park has been sold by LondonMetric as part of a £16m portfolio deal.

The site in Grimsby includes a 21,000 sq ft Wickes store, which has been sold to an international investor for £4.1m.

Thi reflects a net initial yield of 6,4%. LondonMetric acquired the site after it was redeveloped, in 2015.

The property company has also sold sites at Bridgewater and Chatham in the deak.

Andrew Jones, Chief Executive of LondonMetric, commented:
“Since acquisition, these assets have generated strong income return and material yield compression. There is healthy buying interest across our retail portfolio and we will continue to sell mature assets, recycling into opportunities that offer better income and income growth prospects.”

MIPP was advised by Knight Frank on Chatham. KFIM was advised by ESH.