Sainsbury’s has sold its newly developed terrace of five retail units, adjacent to its store at London Colney, to Legal & General Assurance Society Limited, for a price of £62.2 million, equating to a net initial yield of 4.4%.
Colney Fields Shopping Park, in Barnet Road, London Colney, comprises five retail units, totalling 59,107 sq ft (5,491 sq m), on the 306,000 sq ft retail park. Four of the new units are pre-let to Borders Books, Boots The Chemist, Next and Sports World, complementing the existing Sainsbury’s supermarket and Marks & Spencer store. They are let on institutional terms with five-yearly upward only rent reviews. A further unit of 5,500 sq ft (511 sq m) is available to let.
Chris Templeman, head of development for Sainsbury’s London and south east region says: “we are always looking for opportunities to add shareholder value, through creative asset management. Our formerly under utilised car park and adjacent area at London Colney provided the perfect opportunity to create value. In addition, the arrival of complementary retailers to the site will enhance the destination for customers.”
Mark Creedy, Managing Director of Legal & General Property comments: “The purchase of this high quality, excellently located fashion park on the St Albans junction of the M25 fits perfectly with our strategy to invest in 100% prime growth orientated retail assets.”
Sainsbury’s was represented in the sale by Ashworth Sibal Welch. Legal & General was represented by DTZ Debenham Tie Leung.
Enquiries:
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Lynda Ashton
020 7695 7162
Media
Tina Christou/Emma Garner
020 7695 7571/7272
