January 21, 2019
Travis Perkins Properties Limited have sold their long leasehold interest site occupied by Dunelm and Wickes on Invincible Road, Farnborough.
Since their acquisition of the site in early 2015, Travis Perkins Properties Limited have totally refurbished the scheme. Wickes have downsized from their previous occupation and the surplus of approximately 19,000 sq ft has been let to Dunelm (Soft Furnishings) Limited on a 10 year lease, with circa 8.5 years remaining at the time of sale.
The other unit is let to Travis Perkins’ owned business, Wickes Building Supplies Limited, who have re-committed to the location on a new 20 year lease from the date of sale with a tenant break at year 10.
The asset was sold to clients of Hurst Warne for a price of £11.00 million, reflecting a net initial yield of 5.5%.
ESH advised Travis Perkins Properties Limited on the sale. Hurst Warne advised the buyer.