Hammerson plc ) has exchanged contracts and completed the sale of Thurrock Shopping Park, Essex, to TH Real Estate for GBP93 million.
The park comprises two retail schemes with net internal area of 25,500m(2) and is situated next to junction 31 of the M25. Tenants include M&S, Gap, Pets at Home, Decathlon, Boots, Evans Cycles and Dunelm. Hammerson purchased the property for GBP64 million in 2012 as part of the Junction Fund Portfolio. Since then we have deployed GBP3 million of capital expenditure to redevelop the cinema site into three new retail units, upgraded the tenant line-up to a more fashion-led retail mix, including securing the UK’s first Nike Outlet on a retail park and achieved planning consent on the development site.
The ownership of a 26 acre site is being retained for development by Hammerson with planning consent for 320 residential units over 18 acres and 7,600m2 of retail and leisure.
The sale price represents a net initial yield of 5.3% and is moderately below the book value as at 31 December 2015.
HMSO : Hammerson sells Thurrock Shopping Park