LGP sells Brighton retail park
Published: 06 January, 2012
Legal & General Property sold Brighton Retail Park in East Sussex to a client of Scottish Widows Investment Partnership for £17.75m , representing a net initial yield of 5.08 per cent
Located on Carden Avenue, in a prominent position to the north east of Brighton’s city centre, the park totals 42,329 sq ft of retail warehousing space across three units. Situated on a 2.67 acre site, it also provides 190 car parking spaces.
It is fully let to three Marks & Spencer Simply Food, Argos and Next, and offers a weighted unexpired lease term of 15.68 years.
The disposal follows the letting of the ex-MFI unit to M&S. L&G and M&S introduced a number of green initiatives, including the introduction of a waste management plan, reducing energy requirements and implementing sustainable construction initiatives, to make it one of the greenest Simply Food stores that M&S has leased to date.
Will Edwards, fund manager at Legal & General Property, said: “Following the successful letting to M&S, this disposal is in line with the fund’s strategy to crystallise the capital value uplift and to refresh the portfolio by reinvesting the sale proceeds into opportunities with strong real estate fundamentals with asset management potential.”
CBRE represented LGP and JLL acted on behalf of SWIP.