LondonMetric has exchanged contracts on the sale of Bishop Auckland Shopping Park to Standard Life Investments for £23.6m – 5.27% yield.
The former Focus store and adjacent land in County Durham was bought for £2.3m and developed by Metric Property Investments in two phases between 2012 and 2013 at a total cost of £15.8m. The 76,500 sq ft open A1 shopping park consists of 12 stores and is anchored by M&S, Boots, TK Maxx and Next with an average unexpired lease term of 9.4 years.
LondonMetric chief executive Andrew Jones, said: “The investment market remains competitive for well-let assets and so we will look to monetise our investments where we have completed asset management and development initiatives, with deep confidence of deploying the capital into other opportunities that offer superior income and capital growth.
“This has been an excellent asset for us that has fully showcased our deep development experience and strong occupier relationships to generate very attractive returns for our shareholders.”
BNP Paribas Real Estate advised Standard Life on the deal.
