Aberdeen Asset Management have sold Gallows Corner Retail Park, Romford, to Royal London for £56,000,000, reflecting an initial yield of 5.17%.
The property is an outstanding London retail park located at the junction of the A12 and A127. An average of 88,833 vehicles pass the property every day.
The scheme is a purpose built modern retail warehouse park of 92,538 sq ft, laid out as seven units. It has a part Open A1/part bulky goods planning consent. Tenants include Next, Argos, Magnet, DFS, Halfords, Furniture Village and Harveys and the current passing rent is £3,089,764 per annum.
The park has experienced strong, ongoing rental growth at recent rent reviews, lease renewals and lettings.
For further information contact Hamish Whiteman or Nick Staunton.