Kirkstall Bridge shopping park sold for £25.2m
The 120,000 sq ft shopping park was originally developed by the group in 2015 after acquiring the site in 2011
LondonMetric Property has announced that it has sold its retail park, Kirkstall Bridge shopping park, for £25.2m to a UK institutional investor.
The 120,000 sq ft shopping park was originally developed by the group in 2015 after acquiring the site in 2011.
Following the recent re-letting of a 21,000 sq ft unit to The Range, the 18 unit park is currently fully let to occupiers including Home Bargains, Smyths Toys, Iceland, Pets at Home and JD Sports.
Furthermore, the sale price represents a “15% premium” to 31 March 2021 book valve and “crystallises” a total return on cost of 27%, completion of the sale will take place at the end of September 2021.
Andrew Jones, chief executive of LondonMetric, said: “This is a strong trading retail park and its sale is in line with our strategy to divest our last few remaining multi-let retail parks.
“We have seen an uptick in investor interest for well let and located retail parks which is reflected in the sale price achieved.”
He added: “Our strongest conviction calls remain urban logistics and convenience led long income and the sale proceeds will be allocated into these sub-sectors.”
