CCLA’s Local Authorities’ Property Fund has purchased a prime retail warehouse unit at Hedge End, Southampton, let to TK Maxx and HomeSense, from AXA Investment Management acting on behalf of Friends Life Ltd.
Hedge End represents the opportunity for the Local Authorities’ Property Fund to purchase a newly refurbished unit of 45,000 sq ft in a location which benefits from a critical mass of retailers including M&S, Sainsbury’s, Currys PC World Megastore, Next at Home and DFS.
The price paid was £13.205 million, reflecting a net initial yield of 5.32%. The letting to TK Maxx was agreed in October 2013, at a rebased rent of £16.50 per sq ft for an open A1 non food consent.
Chris Freer-Smith Ltd acted on behalf of CCLA Investment Management and AXA were advised by Wilkinson Williams.
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