Hargreaves Group has bought a 35,500 sq ft Homebase store in Hove, West Sussex, from LaSalle Investment Management for nearly £15.3m.
The deal for the retail warehouse at 182 Old Shoreham Road reflected a net initial yield of about 5.1%. There are eight years remaining on the lease.
Alastair Skinner, managing director of Hargreaves, said: “The purchase of this prominent retail warehousing site in Hove illustrates our ambitious growth plans for 2022 and beyond, and our investment strategy to acquire well-located commercial investments with scope for asset management across the South East.”
Tim Wilmer, investment director at Hargreaves, said the site comprises around three acres and benefits from a high- density population with a relatively low level of retail warehousing supply.
Hargreaves, which was founded in 1965, has a mixed portfolio of more than 2m sq ft of commercial property and more than 100 homes across the South East.
KLM Real Estate acted for Hargreaves; Savills advised LaSalle IM.
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