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LONDON-Henderson UK Property Fund has paid Thurleigh Estates £15 million ($23 million) for the Roebuck Retail Park in Stevenage, Hertfordshire. The purchase price reflects a net initial yield of 7.61%.

Roebuck Retail park is one of the UK’s earliest purpose-built retail parks, dating from 1987. Three of the original units are still let to Courts, Currys and Halfords with rent reviews currently outstanding. In November 2000 Thurleigh Estates won planning permission to demolish the former Allied Maples store and to replace it with two new units. One, of 24,000 sf was pre-let to the Dixons Group’s PC World on a 20-year lease at £16 ($25) per sf. The other, of 9,951 sf, is vacant.

The outstanding planning consent provides for further development opportunities for units up to 25,000 sf. Henderson UK Property Fund was represented by Lambert Smith Hampton and Thurleigh Estates by Chase & Partners.

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