Member Article

Bishop Auckland Retail Park sold for £23.6 million

LondonMetric Property Plc has announced that it has exchanged contracts on the sale of Bishop Auckland Shopping Park to Standard Life Investments for £23.6 million, reflecting a net initial yield of 5.27%.

The former Focus unit and adjacent land was acquired for £2.3 million and developed by Metric Property Investments in two phases between 2012 and 2013 at a total cost of £15.8 million.

The 76,500 sqft Open A1 shopping park consists of 12 units and is anchored by a 15,000 sqft TK Maxx, M&S, Boots and Next with a WAULT of 9.4 years.

Chief Executive of LondonMetric, Andrew Jones, said: “The investment market remains competitive for well let assets and so we will look to monetise our investments where we have completed asset management and development initiatives, with deep confidence of deploying the capital into other opportunities that offer superior income and capital growth.

“This has been an excellent asset for us that has fully showcased our deep development experience and strong occupier relationships to generate very attractive returns for our shareholders.”