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Hove commercial unit sold in £13.6m deal

Property investment and development company, LondonMetric, has sold its PC World property in Hove to clients of Aberdeen Asset Management PLC for £13.6 million, as part of a long term disposal strategy.

LondonMetric acquired the asset for £8.1m and recently signed a new 15 year lease (with a break at 10 years) with PC World at a new rent of £800,000 p/a on an extended 28,000 sq ft store.

Work on a 9,000 sq ft extension is due to commence shortly.

Andrew Jones, Chief Executive of LondonMetric, commented: “The lease regear and extension at Hove demonstrates perfectly our retailer partnering, asset management and development capabilities.

“This asset has generated attractive returns and the sale reflects the continuing strong institutional demand for well-let property. We will continue to sell down retail assets which have delivered on their business plans and recycle into our growing distribution portfolio and developments.”

LondonMetric was advised by Wilkinson Williams. Knight Frank advised Aberdeen.

This was posted in Bdaily's Members' News section by Ellen Forster .