Hercules Unit Trust, British Land’s specialist retail warehouse fund has sold its Colne Valley retail park in Watford to Igal Ahouvi for £45.075m reflecting a net initial yield of 6.59 per cent
Colne Valley Retail Park, located within a mile of Watford town centre, provides more than 88,000 sq ft of retail warehouse space across seven units. The units are let to tenants including Allied Carpets, DFS and MFI and have a predominantly bulky goods planning consent.
The scheme was originally acquired by HUT in July 2000 for £17.3m representing an initial yield of 6.50 per cent. Since then the park has been reconfigured and extended with new lettings taking the best rent on the park to £40.00 per sq ft.
British Land director Andrew Jones said: “This sale is in line with our strategy to reduce our exposure to the bulky goods subsector and represents the latest in a number of transactions completed by HUT. It further demonstrates that there is still investor demand for good, well located retail parks in strong towns.”
Harvey Spack Field represented HUT. Barrs Freer Smith acted for the purchaser.
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