Member Article

Welsh retail park disposal nets LondonMetric £15.3m

LondonMetric Property has announced that it has disposed of a major retail asset in south Wales for £15.3m.

The property investor confirmed in an announcement this morning (Friday) that it had agreed to sell Havens Head Retail Park in Milford Haven to the Port of Milford Haven, coming seven years after it had acquired the site for £14.2m.

Totalling 84,000 sq ft, the retail destination is anchored by a 38,000 sq ft Tesco store alongside retailers including Iceland, Boots, Home Bargains, Card Factory and Peacocks, all generating an income of £1.1m per annum.

The disposal represents a continuation of LondonMetric’s recent move away from big out of town retail assets, where chief executive, Andrew Jones, said had the firm had now ‘successfully executed’ its business plans.

He added: “As occupier and investor demand for physical retail becomes ever more polarised, we will continue to align our portfolio towards logistics and convenience retail in the strongest locations where we believe there is higher certainty of future income growth.”

LondonMetric was advised by Savills and the purchaser was advised by Cushman & Wakefield.