The park comprises ten units ranging from 4,000 to 30,000-sf with an open A1 non-food planning consent. It is let at an average rent of £15.75 ($22.50) per sf. Prior to selling the park Kingfisher carried out a number of improvements including the relocation of anchor tenant B&Q to a new 100,000-sf Warehouse format nearby. The former B&Q store was then relet to several retailers with ScS taking 11,000 sf at a record rent of £19.00 ($27.20) per sf.
Land Securities Director Roland Nevett said: 'This purchase reinforces our strategy for acquiring retail parks which are substantially let to bulky goods retailers but which provide the potential to be adapted to attract occupiers new to out of town trading formats.'
Hamptons and Jones Lang LaSalle represented Land Securities and FPD Savills acted for Chartwell Land.
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