Henderson UK Property Fund - Retail Sale - Stevenage, Roebuck Retail Park

Date: 07 Aug 2002

Henderson UK Property Fund have acquired Roebuck Retail Park in Stevenage from Thurleigh Estaes Ltd for £15m, which reflects a net initial yeidl of 7.61%.

Having obtained planning consent for the extension of the Park in November 2000 the vendors, Thurleigh Estates Ltd, negotiated the demolition of the former Allied Maples store and developed a terrace of two units where 24,000 sq ft was pre-let to DSG Retail Ltd t/a PC World for a term of 20 years at a rent £16 per sq ft. Henderson acquired the retail park which now comprises five units, the origianl 1987 build units let to Courts, Currys and Halfords, which all have outstanding rent reviews are considered reversionary and the new build PC World and a 924.49 sq m (9,951 sq ft). The outstanding planning consent provides for further development opportunities for units up to 2,322.5 sq m (25,000 sq ft).

Henderson UK Property Fund were represented by Lambert Smith Hampton and Wedlake Bell (Peter Day). Thurleigh Estates Ltd were represented by Chase & Partners and Travers Smith Braithwaite.

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