Slough Estates has sold the freehold of its Junction 10 Retail Centre, Walsall, to Eagle Star Life Assurance for £7.65m. The funds raised are to be reinvested in Slough’s industrial portfolio.
The 7,610sq m (81,900sq ft) centre comprises two open A1 non-food retail warehouses, built in 1987, with a rent roll of £601,608 let to Payless DIY and Storehouse Properties, and respectively underlet to Focus DIY and Uno Upholstery Stores. The purchase reflects an initial yield of 7.65%.
Hugh Thomson, investment director at Slough Estates, said: “The demand from investors for retail warehouses presented a good opportunity to make a disposal and reinvest the funds in the regeneration of our industrial portfolio.”
Richard Ellis advised Slough and Phoenix Beard represented Eagle Star.
EGi News 18/07/96
