KFIM’S LONG INCOME PUT BUYS TWO PRIME SOUTH EAST RETAIL WAREHOUSE INVESTMENTS

August 28, 2018

Clients of Knight Frank Investment Management have purchased from Travis Perkins plc two recently completed, retail warehouse developments at Otterspool Way, Watford and at Longfield Rd, Tunbridge Wells. The freehold investments were acquired for £20.55 million at an initial yield of 4.7%.

Both developments are in prime trading locations and opened for trade in 2016. The Wickes units were constructed in the latest trading format of c 20,000 sq ft ground floor sales and 5,000 sq ft showroom mezzanines. A second retail unit of 6,000 sq ft at Tunbridge Wells is let to Tapi Carpets and a 5,000 sq ft B2/B8 unit at Watford is let to Spire Automotive.

Wickes have taken a lease for 20 years, without break, at an initial rental of £18.55 psf at Watford and £18.20 psf at Tunbridge Wells. Whilst reflecting the ‘bulky goods’ consent, the initial rental levels represent a significant discount to the levels achieved for Open A1 use in either location.

Darren Screen , Property Finance Director for Travis Perkins said, “This latest sale of two of our recent developments, both anchored by one of our key subsidiaries, continues to be in line with our stated Group objective of recycling capital back into the business“.

HSM and Herbert Smith Freehills advised Travis Perkins plc on the investment sale. KFIM were advised by Harvey Spack Field.

@PORTERFIELDPR

LATEST TWEETS

RT @SovCentros: Sovereign Centros are attending #completelyretail - arrange a meeting with one of our team to discuss your requirements. @C…

@ PORTERFIELDPR

@PORTERFIELDPR

LATEST TWEETS

RT @Kingy78_: Could people please retweet this link to raise funds for ex #safc #mufc #lufc Liam Millers family https://t.co/vDYqHPsiHF buy…

@ PORTERFIELDPR

@PORTERFIELDPR

LATEST TWEETS

@Tara_Hounslea @Drapers @UKFTorg Baptism of Brexit fire awaits. 😉

@ PORTERFIELDPR

@PORTERFIELDPR

LATEST TWEETS

RT @lionelbarber: Metaphor of the weak #BrexitReality https://t.co/oUCQFkUebF

@ PORTERFIELDPR

Latest News

BUSINESS FLOURISHING AT OXFORD BUSINESS PARK

September 20, 2018 - 09:14

Oxford BioDynamics Plc, one of the largest spin-out companies from Oxford University has expanded further at Oxford Business Park. The business, which is an existing customer of the Park has taken add[...]

+ Read More

KFIM’S LONG INCOME PUT BUYS TWO PRIME SOUTH EAST RETAIL WAREHOUSE INVESTMENTS

August 28, 2018 - 09:14

Clients of Knight Frank Investment Management have purchased from Travis Perkins plc two recently completed, retail warehouse developments at Otterspool Way, Watford and at Longfield Rd, Tunbridge Wel[...]

+ Read More

PRET A MANGER DOUBLES UP ON SHOREDITCH HIGH STREET

August 17, 2018 - 09:24

Private clients of niche City Fringe agency Belchak Corin & Co and joint agents Dominion have let the 1,700 sq ft retail premises at 128 Shoreditch High Street, London E1 to Pret A Manger. Pret h[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

2nd Floor, 20 Berkeley Square House London W1J 6BD