Standard Life sell Bromley Road RP

Standard Life Investments, advised by ESH, have exchanged contracts to sell Bromley Road Retail Park

Standard Life Investments, advised by Edgerley Simpson Howe, have exchanged contracts to sell Bromley Road Retail Park to Royal London. The purchase price of £26.1 million represents a net initial yield of 6.5%. The 72,500 sq ft retail park is let to Currys, PC World, Comet, Carpetright and Harveys at rents ranging from £24.40 – £25 per sq ft. Jo Duffield of ESH said “The asset was held by the long lease fund at SL and its disposal is in line with the fund’s strategy of maintaining a high average long income and we were delighted to have struck a deal with a fund at a level that reflects the remaining quality of income.” (Feb 2011)