Moorfield offloads Primark
LondonMetric Property has bought a Primark warehouse in Thrapston, Northamptonshire, from Moorfield Real Estate Fund II for £60.5m – a 6.4% yield. The 785,000 sq ft shed is Primark’s central distribution facility and is let to the retailer until October 2032 generating £3.9m pa. Cushman & Wakefield advised LondonMetric; Doherty Baines acted for Moorfield.
PPHE picks up Hercules House
PPHE Hotel Group has exchanged contracts to buy Hercules House in Waterloo, SE1, from LPA receivers at Jones Lang LaSalle for £23.5m. The 133,000 sq ft building is let to the Department for Communities and Local Government until the end of September, after which PPHE intends to redevelop it as a hotel. H2SO advised the vendor; PPHE was unrepresented.
Praxis digs Garden Square
Praxis has bought Garden Square shopping centre in Letchworth from Vale Retail and Tyburn Lane Private Equity for £14m – a 10% yield. Vale and Tyburn paid £37.5m for the 176,000 sq ft mall in 2007 using debt from Anglo Irish Bank. Coady Supple advised Praxis; Jones Lang LaSalle acted for the sellers.
Tweet deal for Playfair
Playfair Capital has bought the freehold of 8 Warner Yard in Clerkenwell, EC1, from a private client of Hatton Real Estate for £4.3m. The vacant 7,400 sq ft 18th-century former stable was sold through a targeted Twitter campaign. Playfair was unrepresented.
Ambassador sells Centurion
Ambassador Holdings has sold Centurion retail park in Doncaster, South Yorkshire, on behalf of receivers to a private overseas client of Mason Owen for £3.6m – an 11.2% yield. The 57,000 sq ft multi-let park comprises eight shops. Singer Vielle and Jones Lang LaSalle represented Ambassador.
