Overton Developments, a joint venture partner of Helical Bar, has forward sold a Bournemouth retail scheme to a private Irish investor for £40m.
The yield will be 5% when the completed 55,000 sq ft development is fully let.
Tenants already signed up at zone A rents of up to £190 on 15-year leases include Hennes & Mauritz, for 22,000 sq ft and Zara for 18,000 sq ft.
Demolition of the existing block at 56/76 Commercial Road, which Overton purchased from Equitable for £20m last year, has just started and completion of the new three-storey building is expected by the end of the year.
Cushman & Wakefield Healey & Baker acted for Overton.
BTW Shiells advised the purchaser.
References: EGi News 21/02/05
