Trader developer Citygrove has completed a trio of sales raising close to £40m to fuel a development and investment drive.
It sold a retail warehouse let to Wickes in Maidstone to Legal & General Insurance Society for £24m, representing a yield of 5.5%. Wilkinson Williams and CBRE acted for Citygrove.
It has also sold its Parkway leisure scheme, in Bury St Edmunds, comprising a Cine-World cinema and 5 restaurants for £9.4m to Carneyhaugh Properties part of the Northern Irish Murdock Group.
This reflects a net initial yield of 5.75%. Edgerley Simpson Howe & Partners represented Citygrove and Lisneys and DohertyBaines represented the purchaser.
Another Irish investor Brabazon Property Investments part of Cheval Property Holdings bought its Cannons Health and Fitness Club, Hertford for £5.1m reflecting a net initial yield of 5.42%. Montagu Evans acted for Citygrove and Capital retail the purchaser.
References: EGi News 21/10/05
