Henderson sells Leeds retail park for £54m
Published: 30 March, 2010
Henderson Global Investors’ Retail Warehouse Fund has sold its Junction 27 Retail Park in Leeds to The UK Commercial Property Trust for £56.63m, reflecting a net initial yield of 6.15 per cent.
Junction 27 is a bulky goods retail park of 122,376 sq ft in eight units with 540 car parking spaces. Originally developed in 1999, the park’s anchor tenants include Currys, Comet, Harveys, CSL, Furniture Village, Barker & Stonehouse, SCS and TGI Fridays. The current rental income is £3.7m pa.
Michael Neal, manager of the Retail Warehouse Fund said: “This asset has performed exceptionally well for the Fund over the last year, having delivered a 12 month total return of approximately 75% at property level. It demonstrates the dramatic positive shift in sentiment that has occurred in the retail warehouse sector particularly for well-managed schemes at the prime end”
