LondonMetric Property sells Milford Haven retail park – LondonMetric Property Plc has announced that it has sold its retail park in Milford Haven for GBP15.3 million.
The 84,000 sq ft Havens Head Retail Park was acquired in 2010 for a net GBP14.2 million and is anchored by a 38,000 sq ft Tesco food store with other retailers including Iceland, Boots, Home Bargains, Card Factory and Peacocks. It generates income of GBP1.1 million pa and has a weighted unexpired lease term of 8.5 years.
The property has generated an ungeared return of 7.0% pa and has been sold at book value to the Port of Milford Haven.
Andrew Jones, Chief Executive of LondonMetric, commented: “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.”
LondonMetric was advised by Savills and the purchaser was advised by Cushman & Wakefield.
From Savills’ brochure: Milford Haven is located in South West Wales, the scheme itself is opposite Milford Haven Railway Station and benefits from 85,700 sq ft of Open A1 planning consent. The centre is anchored by a 38,000 sq ft Tesco and acts as the destination shopping location for the town. Free parking for 369 cars.
LMP : LondonMetric Property sells Milford Haven retail park