27th Mar 2014 09:48
LONDON (Alliance News) - Development Securities PLC Thursday said it has sold Weeke Local Centre in Winchester to AMEC Staff Pensions Trust Ltd in a deal worth GBP23.3 million, at a 4.9% yield.
The sale was GBP1.4 million above its book value as of the end of February last year.
The site, currently occupied by food retailer Waitrose, was acquired by Development Securities in 2006, containing just a disused petrol station and car showroom.
Planning consent was subsequently secured to redevelop the site and create a mixed-use development that includes a 33,000 square foot foodstore, additional retail units, a medical centre and four residential apartments.
The foodstore was pre-let to Waitrose on a 20-year lease, and the retail units were pre-let to national brands including Costa and Boots.
The stock was trading at 235.25 pence Thursday morning, down 4.25 pence or 1.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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