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LONDON-LxB Properties, the new out-of-town vehicle for the ex-Grantchester management team and Tom Hunter’s West Coast Capital, has bought the Telford Bridge Retail Park in Telford, Shropshire, from The Hercules Unit Trust for £45.6 million ($73.4 million). The sale price reflects a net equivalent yield of 6.25%.

The 15-unit scheme has an open A1 non food planning consent and is fully let to major retailers including B&Q; Comet; Argos and Mothercare. Hercules was represented by FPDSavills. LxB was advised by Wilkinson Williams.

Andrew Jones Director at Pillar Property, the property adviser to Hercules, said: “This is an excellent transaction for Hercules which will allow us to reinvest the proceeds in other large Open A1 properties where we can utilise our asset management experience. We have held this property for a number of years and have felt that following development of the three new units and completion of phase 1 of the refurbishment that it was time to realise our investment”.

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