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LMP : LondonMetric sells Bishop Auckland Retail Park
LondonMetric Property is selling Bishop Auckland Retail Park to Standard Life Investments for £23.6m The price works out at an initial yield of 5.27%.
LMP bought the land for £2.3m and then spent £15.8m over the course of 2012 and 2013 developing the site and so the sale price reflects a decent profit for the company.
The 76,500 sqft shopping park consists of 12 units and is anchored by M&S, Boots, TK Maxx and Next.
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