Topland has acquired an out-of-town store in Maidstone from Harmsworth Pension Fund for £10 million, reflecting a 9% net initial yield.
The 20,460 sq ft 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.
Mark Kingston, managing director of Topland, comments “This purchase comes off the back of Topland’s recent investment drive, including recent acquisitions in the industrial sector and 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 sq ft 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.”
Savills advised the purchaser, and Staunton Whiteman / Gerald Eve advised the vendor.