Coventry retail park sold as LondonMetric makes £74.2m of disposals
LondonMetric Property has sold a retail park in Coventry as part of several non-core disposals worth £74.2m.
Airport Retail Park has been sold for £37.3m, reflecting a core net initial yield of 5.5%. The 138,000 sq ft asset is let to 13 occupiers including Currys, Aldi, B&M, and Dunelm and has a weighted average unexpired lease term of six years. The retail park – which produces an average rent of £17.50 per sq ft – was acquired by LondonMetric in 2010 for £18m.
Other retail properties that LondonMetric has offloaded include a 35,000 sq ft convenience retail park in Totton, Hampshire and a former Dobbies Garden Centre in Huddersfield for £3.1m.
The group has also disposed of two pubs in Preston and Southampton, a Compass training office in Yarnfield in Staffordshire, two offices in Coventry, and two parcels of development land.
Since 31st March 2024, LondonMetric has sold a total of 65 assets for £307m.
Seperately to the disposals, the group has also acquired seven properties for a total of £50.1m. These include a 54,000 sq ft convenience retail property in Andover let to Wickes, The Range, and KFC, for £12.2m.
LondonMetric has also acquired a new, 22,000 sq ft M&S foodstore, a 193-bedroom Premier Inn hotel, and four Travis Perkins trade warehouses.
Andrew Jones, chief executive of LondonMetric, said: “We have again successfully disposed of non-core assets at prices in line with our valuations and reinvested into higher quality opportunities in strong conviction sectors, where rental growth prospects are more compelling.”