Travis Perkins Properties has sold the long leasehold interest in a Hampshire site occupied by Dunelm and its own Wickes brand to clients of Hurst Warne for £11m.
Sold at a net initial yield of 5.5%, the site on Invincible Road in Farnborough has been fully refurbished by Travis Perkins since it acquired it in 2015. Buyer Hurst Warne is a consultancy firm and agency based in Farnborough.
During that time Wickes has downsized from its previous occupation and the surplus of 19,000 sq ft has been let to Dunelm on a 10 year lease, with 8.5 years remaining at the time of sale. The other unit is let to Travis Perkins-owned Wickes Building Supplies on a new 20 year lease from the date of sale with a tenant break at year 10.
ESH advised Travis Perkins Properties on the sale