Asset management completed with investment sale
Travis Perkins Properties has sold its long leasehold interest site in the occupied by Dunelm and Wickes on Invincible Road, Farnborough, to clients of Hurst Warne for a price of £11m, reflecting a net initial yield of 5.5%.
Since its acquisition of the site in early 2015, Travis Perkins Properties has totally refurbished the scheme. Wickes has downsized from its previous occupation and the surplus of approximately 19,000 sq ft has been let to Dunelm on a 10-year lease, with 8.5 years remaining at the time of sale.
The other unit is let to Travis Perkins’ Wickes business on a new 20-year lease from the date of sale with a tenant break at year 10.
ESH advised Travis Perkins Properties on the sale. Hurst Warne advised the buyer.