LaSalle sells Northolt Retail Park for £11m
Savills, on behalf of LaSalle Investment Management, has sold Northolt Retail Park in Harrow for £11 million to Aitch Group.
Comprising a total floor area of 32,000 sq ft the park is fully let to retailers Dunelm, Homesense and Sports Direct generating an annual passing rent of £817,419 with an average unexpired lease term of 2.5 years. Located in north west London, the retail park has a catchment population of over 146,000 within a 10 minute drive time.
Tom Hill, fund manager at LaSalle Investment Management commented: “This sale was in line with a strategy to down weight exposure to retail. We were pleased with the pricing achieved considering the short term income and level of over-rent.”
Simon Westray at Aitch Group, added: “This acquisition combines a solid income stream with a longer term asset management opportunity which perfectly suits our business model. We are very much in the market to secure more opportunities like this across London and the South East.”
McMullen Real Estate advised Aitch Group.
