The Crown Estate have exchanged contracts to acquire the freehold interest in South Aylesford Retail Park, Maidstone, with completion due at the end of September 2011, for a price of £70,600,000, reflecting a net initial yield of 5.89%.
The scheme totals 167,773 sq ft gross internal area of retail warehouse accommodation anchored by Homebase and Bhs. Further tenants include Carpetright, Comet, Currys PC World, Paul Simon, Halfords, Pets at Home and Harveys, let at rents between £19.25 per sq ft and £40.00 per sq ft. The park benefits from an income weighted average unexpired lease term of over 10.5 years.
Wilkinson Williams acted on behalf of The Crown Estate and The Junction was represented by Cushman & Wakefield.
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