LondonMetric Group acquires Currys PC World store for £28.3m

LondonMetric Property has acquired Burlington Retail Park in South West London for £28.3m from a UK institution.

The area, a huge 51,500 sq-ft unit in New Maiden, is located next to the A3. Its majority is let to Dixons Carphone (Currys PC World) operating its three-in-one megastore with a 5,000 sq-ft unit let to bed retailer and manufacturer, Dreams.

The investment is to generate a revised total income of £1.85m per annum. Andrew Jones, chief executive of LondonMetric, commented: “This investment is in line with our strategy of acquiring logistics and convenience retail assets in the strongest locations.

“It provides us with a very attractive yield on cost with the certainty of future income growth and the comfort of a high intrinsic land value.”

Jones believes the location is “outstanding” and the team look forward to working with both occupiers to maximise the full potential of the property.

LondonMetric is a property development group that specialises in retailer-led distribution, convenience and out-of-town retail with a focus on growing income and adding value through asset management.

The company was advised by Cortex and Curzon Sowerby. The vendor was advised by Savills.