LondonMetric Property has acquired Burlington Retail Park in south west London for £28.3m from a large UK institution.
The 51,500 sq ft unit in New Malden is located next to the A3 and is majority is let to Dixons Carphone, with a 5,000 sq ft unit let to Dreams.
The investment will generate a revised total income of £1.8m pa with a WAULT of 14.4 years (9.8 years to break).
Andrew Jones, chief executive of LondonMetric, said: “This investment is in line with our strategy of acquiring logistics and convenience retail assets in the strongest locations and with high occupier contentment. It provides us with a very attractive yield on cost with the certainty of future income growth and the comfort of a high intrinsic land value.”
LondonMetric was advised by Cortex and Curzon Sowerby; the vendor was advised by Savills.
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