A new 35,000-sq ft retail warehouse at Fitzroy Park, Bishop’s Stortford, has been bought by the Millbank Pooled Fund, part of Pearson’s pension fund.
The building was developed jointly by Conrad Phoenix Properties and Whittingham Properties and was prelet to Texas Homecare at £157,000 pa.
Millbank, who provided the development finance, paid some £2.1m for the building, a figure which reflects a net initial yield of 7.5%.
Savills and fund managers Lazard Brothers & Co advised Millbank, while the developers were represented by Ratcliffes.
