LondonMetric sells in St Albans
Published: 03 November, 2016
Alban retail park in St Albans sells for £5.75m
LondonMetric Property has sold the 25,000 sq ft property, let to Dunelm for a further four years, to the retailer’s property arm Dunelm Estates. LondonMetric initially bought it in 2012 for £4.6m at a Net initial yield of 7.8 per cent and .the sale price is slightly ahead of the March 2016 book value.
LondonMetric chief executive Andrew Jones said: “This is a very good asset that has supported our income compounding objectives as well as delivering a circa 20 per cent profit on cost. We will continue to respond to strong buying interest for our mature retail assets and monetise where we see preferable opportunities to reinvest.”