Royal & Sun Alliance Property Investments (RSAPI) has bought Romford’s largest out-of-town retail development, Gallow’s Corner retail park, from Chartwell Land Investments for £29.05m. The deal reflects a net intial yield of 6.15%.
The freehold property (pictured) comprises 7,884 sq m (84,466 sq ft) across six shops let to Comet, DFS, Halfords, Furniture Village and Magnet. Passing rents range from £161.46 per sq m (£15 per sq ft) to £269.10 per sq m (£25 per sq ft).
Mark Ashton, property fund manager at RSAPI, said that the company had been searching for an “additional prime park in the South East” for some time.
FPDSavills acted for Chartwell Land, while the purchaser was represented by Knight Frank.
EGi News 22/01/01
