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LONDON-Wilson Bowden Developments has sold its 365,000-sf mixed-use Water Gardens scheme in Harlow, Essex ahead of completion to Resolution Property. The purchase price of £70 million reflects a 6.75% yield.

The Water Gardens is a comprehensive redevelopment of the south of Harlow town centre including 290,000 sf of retail floorspace and 75,000 sf of offices. The retail space is 80% pre-let with tenants including Asda; Matalan; Next; Esporta; TK Maxx; Clarks and JD Sports. The offices will form the new town hall and chambers for Harlow Council.

The first phase of the development, comprising the food store;, retail park; health club; restaurants; 1,200-space car park and civic offices is due to open this summer. The second phase, incorporating 110,000 sf of retail space, will be opened by September 2004.

The Water Gardens is a joint venture partnership between Wilson Bowden Developments, Harlow Council and English Partnerships.

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