LondonMetric continues retail sell-off

Published:  04 August, 2017

LondonMetric sells retail park in Milford Haven for £15.3m

The 84,000-sq ft Havens Head retail park was acquired in 2010 for a net £14.2m and is anchored by a 38,000-sq ft Tesco food store with other retailers including Iceland, Boots, Home Bargains, Card Factory and Peacocks. It generates income of £1.1m pa and has a weighted unexpired lease term of 8.5 years.

The property has generated an ungeared return of 7.0 per cent pa and has been sold at book value to the Port of Milford Haven.

Chief executive Andrew Jones said: “This disposal reflects our shift away from multi-let retail parks where we have successfully executed our business plans.

"As occupier and investor demand for physical retail becomes ever more polarised, we will continue to align our portfolio towards logistics and convenience retail in the strongest locations where we believe there is higher certainty of future income growth.”

LondonMetric was advised by Savills and the purchaser was advised by Cushman & Wakefield.

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