retail park

LondonMetric sells retail park for £15.3m

LondonMetric Property PLC has announced that it has sold its retail park in Milford Haven in Pembrokeshire, Wales, for £15.3m.

The Havens Head Retail Park – which spans 84,000 sq ft – was acquired in 2010 for a net £14.2m and is anchored by a 38,000 sq ft Tesco food store with numerous other retailers, including Iceland, Boots, Home Bargains, Card Factory and Peacocks.

It produces an income of £1.1m pa and has a weighted unexpired lease term of eight and a half years. 

The property has generated an ungeared return of 7% pa and has been sold to the Port of Milford Haven at book value. 

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

Andrew Jones, chief executive of LondonMetric, 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.”


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