LondonMetric Property to sell Kirkstall Bridge Shopping Park for £25.2m

LondonMetric Property has agreed to divest the Kirkstall Bridge Shopping Park, a retail park in Kirkstall, Leeds, to an undisclosed British institutional investor, for £25.2 million.

The 120,000 sq ft Kirkstall Bridge Shopping Park was developed by LondonMetric Property in 2015. The site of the retail park was acquired by the company in 2011.

According to LondonMetric Property, after the recent re-letting of a 21,000 sq ft unit to The Range, the 18-unit retail park is fully let to occupiers such as Home Bargains, Iceland, Smyths Toys, JD Sports, and Pets at Home with a WAULT of eight years.

LondonMetric Property to sell Kirkstall Bridge Shopping Park for £25.2m

Andrew Jones — Chief Executive of LondonMetric Property said: “This is a strong trading retail park and its sale is in line with our strategy to divest our last few remaining multi let retail parks. We have seen an uptick in investor interest for well let and located retail parks which is reflected in the sale price achieved.

“Our strongest conviction calls remain urban logistics and convenience led long income and the sale proceeds will be allocated into these sub-sectors.”

The deal is expected to close at the end of next month.