Property company Grantchester has sold Plinston Retail Park in Letchworth, Hertfordshire, to Stanhope Pension Trust Ltd for £9.21m – £600,000 over the asking price. The deal reflects a 6.09% initial yield.
The 6,450 sq m (69,425 sq ft) scheme currently generates £581,589 pa from Wickes, Halfords, Petsmart, Homestyle by Fads, Lidl and Burger King. It is fully let on leases which still have about 23 years to run.
In 1996 the scheme was valued at £7.7m at a 7.75% yield.
Grantchester’s Nick Alford said, “We are delighted to have achieved aprice in excess of our expectations which reflects both the strength ofthe market and our investment portfolio.” He added: “We are now looking foropportunities to reinvest the proceeds, where there are greater activemanagement angles.”
Savills advised Grantchester while DTZ Debenham Thorpe represented the purchaser.
EGi News 14/11/97
