Topland has acquired a solus out of town store in Maidstone from Harmsworth Pension Fund for £10 million, which shows a 9% net initial yield.
Comprising 20,460 sqft, the store is currently let to sofa retailer DFS for a further 8.75 years. The store is situated on the A20 London Road, on the outskirts of Maidstone town centre.
Savills advised the Purchaser, and Staunton Whiteman/ Gerald Eve advised the Vendor.
Mark Kingston, Topland MD comments “This acquisition comes off the back of Topland’s investment in the UK’s industrial sector and a recent acquisition of an M&S store in central Cardiff. It aligns with our strategy of seeking out value across the UK and across the real estate sectors. The group is also working on sweating existing assets in the portfolio and to that end we have pushed the button on our 135,000 sqft development at Aldersgate. In addition, we have committed to an extensive refurbishment of the Brighton Metropole and the development of a new Maldron hotel in Brighton. We are under offer on another two further acquisitions – one a London office refurbishment and one a Build-to-Rent scheme – and are actively seeking more opportunities.”