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Chatham retail warehouse sold

A Wickes store in Chatham has been sold in a £6.9 million deal.

The 26,000 sq ft outlet in Chatham has been sold by its owner Metric Income Plus Limited Partnership, a joint venture between real estate investors LondonMetric and pension fund Universities Superannuation Scheme.

The sale to clients of Knight Frank Investment Management has given its former owner a net initial yield of 5.64%. It was acquired in 2013.

Metric Income Plus Partnership also sold retail sites in Bridgwater and Grimsby.

Andrew Jones, chief executive of LondonMetric, said: “Since acquisition, these assets have generated strong income return and material yield compression.

“There is healthy buying interest across our retail portfolio and we will continue to sell mature assets, recycling into opportunities that offer better income and income growth prospects.”

Metric Income Plus Partnership was advised by Knight Frank on Chatham. Knight Frank Investment Management was advised by ESH.

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