North London Retail Warehouse Nets Profit for Land Securities

LONDON-Land Securities have sold the freehold interest in the Silk Bridge Retail Park, The Hyde, Hendon, London NW4, to Lothbury Property Trust for £13 million ($20 million) which reflects a net initial yield of approximately 5.9%.

The property, which has an open A1 non-food consent, has been substantially refurbished by Land Securities. It provides a total of 42,840 sf and is occupied by Allied Carpets, Comet and Halfords. Each of the leases were granted from the end of 2002 at rents between £17 ($27) and £21 ($33) per sq m.

Wilkinson Williams acted for Land Securities. Lothbury was advised by Atlantic Fund Management and Edgerley Simpson Howe & Partners.