UK Commercial Property has announced the sale of two assets from its retail portfolio, 176-206 Kensington High Street, London and 134-138 North Street, Brighton in two separate transactions for a total consideration of £82.7m, which is marginally ahead of their aggregate valuation as at 31 March 2015. The assets have been deemed to be non-core to UKCM’s ongoing strategy and the sale proceeds are to be reinvested in selective institutional grade assets with a sustainable income focus.
176-206 Kensington High Street, which comprises a 1.13 acre plot with 57,000 sq ft of retail and 108 residential flats, has been sold to a private purchaser. Since acquiring the property, UK Commercial Property has implemented a range of asset management initiatives including reconfiguring the retail units and attracting new tenants such as YO! Sushi, Sports Direct, Kuoni and Snow + Rock. They will continue to benefit from the asset’s rental income during the three month completion period.
The sale of 132-134 North Street in Brighton has completed and is part of UK Commercial Property’s move away from properties of smaller lot sizes. The property is let to Sainsbury’s, Sports Direct and Poundland for an average 4.5 years unexpired term.
UKCM : UK Commercial Property cashes in retail assets