Boots Properties has sold Markham Retail Park in Stamford, Lincolnshire, to Northern Foods for £6.68m. The deal means Boots has now disposed of retail parks worth a total of £120m since April.
The initial yield on the sale is 6.52%. The 6,192 sq m (66,651 sq ft) investment comprisees five units and generates £452,000 pa . Focus DIY, Halfords, Argos, Poundstretcher and Kwiksave are the occupiers on the park and have rent reviews coming up in 1999 and 2000.
According to Richard Bartholomew, BPP Investment controller, Boots has turned in a profit of over 50% in the three years since it first invested in Markham Retail Park. He said: “There was masses of interest in the investment; we had eight formal bids over £6m and many other expressions of interest.”
Matthews and Goodman acted for Boots Properties. Mason Coles represented Northern Foods trustees Ltd.
EGi News 05/11/97
