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LONDON-Abacus Developments, the development arm of Sir Robert McAlpine, has sold the St Andrew’s retail park in Birmingham to a third-party fund managed by Legal & General. The sale price of £15.25 million ($23 million) reflects an initial yield of 6.7% rising to 7.2% in October 2005.

St Andrew’s Retail Park comprises a total of 168,185 sq with an 80,000-sf unit let to Woolworths’ Big W on a 20 year-lease expiring in 2021 at an initial rent of £1.08 million ($1.6 million) per annum–reflecting £13.50 ($20.50) per sf–with a fixed uplift to £1.16 million ($1.76 million) per annum in October 2005. In addition to Big W, the park is also anchored by an 83,185-sf Morrison’s Superstore let on a 250 year ground lease.

Strutt & Parker acted for Abacus and Insignia Richard Ellis acted for Legal & General.

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