Legal & General Investment Management has launched the investment sale of Chineham shopping park in Basingstoke, UK, through BNP Paribas Real Estate with a guide price of £57.4 mln (€65 mln), reflecting a net initial yield of 6%.
The Tesco-anchored shopping park, which sits on an 18.5-acre site, comprises a Tesco food store that extends to 76,000 sq ft (7,060 m2), a retail warehouse terrace comprising four purpose built units (45,800 sq ft) and 25 unit shops (45,000 sq ft).
Chineham Shopping Park is home to 29 tenants in total including Tesco, Marks & Spencer Simply Food, Boots and Matalan and produces a rental income of £3.8 mln per annum.
Chineham shopping park has been owned by the Legal & General Life Fund for over 20 years. The vendor said that the asset presents investors with significant potential development opportunities including the possibility to create additional big box units and 110 residential units, subject to planning consent.
Separately, LGIM is selling through Gerald Eve the Bridge House site at Xerox Campus in Uxbridge. The 6.35-acre, town centre, riverside site offers development opportunities when Xerox’s lease expires in 2020. The site has a building permit for 237 residential units across three buildings.
