TH Real Estate has exchanged contracts to sell Bishop’s Quarter, Bishop Stortford, England, to East Herts Council for £19.55 mln (€28 mln), representing a net initial yield of 5.05%.
TH Real Estate has exchanged contracts to sell Bishop’s Quarter, Bishop Stortford, England, to East Herts Council for £19.55 mln (€28 mln), representing a net initial yield of 5.05%.
The asset, which is earmarked for TH Real Estate's UK Property Fund, comprises five constituent parts; a multi-let office , an adjacent vacant office building, two long-let Local Authority town centre car parks incorporating landlord-only development break options and three residential properties.
Bishop’s Quarter benefits from an average weighted unexpired lease term of 12 years and generates a total current net income of £1.1 mln per annum.
The majority of the site benefits from an existing planning consent for a mixed-use development comprising, retail, leisure, hotel, residential, community uses and car parking.