LondonMetric acquires SW London retail park for £28m
LondonMetric Property has acquired Burlington Retail Park in South West London for £28.3m, from an unnamed “large UK institution”, it announced on Wednesday.
The FTSE 250 firm said the 51,500 square foot unit in New Malden is located next to the A3, and is majority is let to technology retailer Dixons Carphone operating its 3-in-1 Currys PC World Megastore format, with a 5,000 square foot unit let to bed peddler Dreams.
LondonMetric claimed the investment would generate a revised total income of £1.85m per annum, with a weighted average unexpired lease term of 14.4 years, and 9.8 years to break.
“This investment is in line with our strategy of acquiring logistics and convenience retail assets in the strongest locations and with high occupier contentment,” said LondonMetric chief executive Andrew Jones.
“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.
“This is an outstanding trading location and we look forward to working with both occupiers to maximise the full potential from the property.”