LondonMetric Property has sold five retail and office assets in separate transactions for £26.7m, reflecting a 6% profit over 31 March 2024 book values.
The company has sold the 51,000 sq ft Weymouth Gateway retail development for £14.3m, an 11,000 sq ft drive-thru site in Birstall for £4.1m and a 1,400 sq ft high street retail unit in Kingston for £1.2m.
The two office assets comprised a 19,000 sq ft building in High Wycombe for £3.9m, with a WAULT to first break of three years and a 15,000 sq ft office in Halesowen in addition to adjacent land for £3.2m, with a WAULT to first break of four years.
Andrew Jones (pictured), chief executive of LondonMetric, said: “These sales represent our exit from further non-core and lower growth assets where we have completed on our business plans. Since the end of March, we have now sold almost £100m and expect to exchange on further sales shortly. As we continually upgrade our portfolio, the sales proceeds will be reinvested into higher quality assets, which offer superior rental growth potential.
The Weymouth asset, which comprises four units fully let to B&M, Dunelm, McDonalds and Costa, was acquired by Allsop for Colliers Global Investors on behalf of a pension fund client. LondonMetric was advised by Park Place Retail on the deal.
Liam Stray, senior associate at Allsop, said: “The completion of the deal demonstrates the strong investment opportunity and appeal of high-quality retail assets. Their strategic location, diverse tenant mix, and resilience to economic fluctuations make this a stable and attractive asset.”
