Legal & General Property (LGP) has completed the sale of Friern Bridge Retail Park in Friern Barnet to DTZ Investment Management for GBP64m, reflecting a net initial yield of 5.63 per cent.
Located eight miles north of Central London on the A406 North Circular Road, Friern Bridge Retail Park is anchored by B&Q and comprises 179,652 sq ft of purpose built retail warehousing arranged in an “L” shaped terrace around a central car park.
The scheme provides nine retail warehouse units ranging in size from 7,500 sq ft to 52,000 sq ft, as well as a drive-thru McDonalds and 698 parking spaces.
Mark Sealey, associate director at DTZ Investment Management, says: “This was an excellent opportunity to acquire a Greater London retail park with rental levels that provide strong growth potential and reflect DTZ Investment Management’s wider appetite to invest into the market.”
James Whitehill, senior fund manager at Legal & General Property, says: “Having repositioned the park in 2011, adding a 50,000 sq ft B&Q to the scheme through the amalgamation of three smaller units, amongst other initiatives, this sale represents the natural conclusion of our asset management programme. The sale proceeds will be redeployed into other attractive market opportunities offering the potential for enhanced returns, accessible as a result of LGP’s strong in-house asset management capabilities."
DTZ acted for DTZ Investment Management and Wilkinson Williams represented LGP.