LondonMetric sells Ipswich retail park
LondonMetric has sold its retail park in Martlesham Heath in Ipswich for £22 million.
Spanning 48,000 square feet, the asset was acquired in 2013 for £10.4 million and since then has attracted a number of new retailers such as Hobbycraft, Mountain Warehouse, Card Factory, Shoe Zone and Poundland. Meanwhile, existing tenant M&S has recently extended its foodhall to 20,000 square feet.
The park is now fully let with average rents of £25.70 per square foot.
Andrew Jones, chief executive of LondonMetric, said: “The sale is in line with our strategy of divesting our last remaining operational retail assets upon completion of their business plans. We retain three retail parks within our direct portfolio reflecting 5% of our assets."
The company said it will now be focusing its investments within the logistics and convenience sectors where "income certainty is greater and income growth prospects are superior."
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