Wharfside Regeneration has sold Bircham Park, a car park development adjacent to Derriford Hospital in Plymouth, Devon, to Aviva Investors for £22m.
The deal reflects an initial yield of 6.1%.
The property includes 615 car parking spaces and has seven years remaining on a lease to Plymouth Hospital NHS Trust. There is also 8,861 sq ft of office space let to the Trust on a 20-year lease and six retail units comprising 6,434 sq ft, two of which have already been let to Pizza Hut and Subway.
John Oxley, Director of Wharfside, said: “The sale represents the first phase of the development of the 16-acre brownfield site. We are working on the remaining 14 acres, which we hope will provide further commercial and residential facilities for the Derriford area of Plymouth as required by the city.”
CBRE acted as advisers to Wharfside. Aviva were unrepresented.
