Entrepreneur David Aspin has sold another chunk of the development portfolio he bought from Bae and Arlington five years ago.
Munroe K, the company Aspin set up after he left Bae and Arlington’s subsidiary Burwood House taking the rump of its assets, has sold The Boardwalk at Port Solent, Portsmouth, to a Unilever pension fund for £25m.
Aspin has let the 14,426 sq m (155,283 sq ft) retail and leisure scheme to 12 cafes and bars, including nine restaurants which turnover £14m pa. The scheme also includes a few shops and a six-screen Uci cinema, while a 5,100 sq m (54,890sq ft) David Lloyd health and fitness club is under construction.
The yield on the income, of about £1.36m, is 7.25%. Jones Lang LaSalle advised USF Nominees and Oliver Liggins acted for Munroe K.
Aspin bought The Boardwalk, for £13m, as part of a package of undeveloped or partly worked out schemes. Last year he sold a majority interest in the Haymarket Centre in Leicester to Chartwell Land. He still owns the White Rose office park in Leeds. Earlier this year Roger Fulford and Paul Harding joined Aspin from Insignia Richard Ellis and Aspin said they were looking at more opportunities, in both the UK and Europe.
EGi News 22/11/00
