Member Article

Hull’s Kingswood Retail Park sold for £58 million

British Land has sold a retail and office portfolio in an off-market deal to Legal & General Property for £219.6 million, which includes Kingswood Retail Park in Hull.

Kingswood Retail Park sold for £50 million and is a freehold out-of-town retail park totalling 130,000 sq ft.

It is fully let to 14 retailers for a weighted average unexpired lease term of 8.3 years.

Other properties in the deal include House of Fraser, Birmingham and Grenfell Island office, leisure and retail block, Maidenhead.

Charles Maudsley, Head of Retail for British Land, said: “Our focus in retail is to allow consumers to shop in a way that suits them, so we are evolving our portfolio to match their expectations. At the half year, we said we would be making selective disposals and we are pleased that the deals announced today were all achieved at prices ahead of book value, and have generated attractive returns for us.”

British Land was represented by CBRE and Knight Frank on Hull, Birmingham and Maidenhead and Lewis & Partners on Barnstaple.

This was posted in Bdaily's Members' News section by Ellen Forster .