Durham retail sold for £14.1m
LondonMetric Property has exchanged contracts on the deal, meaning a change of ownership for the asset, let to The Range and Lidl.
The Durham sale, described as a 58,000 sq ft long income asset, is one of five properties sold in a portfolio by LondonMetric for £42.8m, reflecting a net initial yield of 4.5%. The combined sales are in line with the 31 March 2023 book value.
Lidl and The Range occupy two units at Dragon Lane in the city.
LondonMetric’s total sales since 31 March 2023 amount to £64m and are at a 1% premium to the 31 March book value.
Andrew Jones, chief executive of LondonMetric, said: “We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35m and represents just 4% of total drawn debt.
“This will have a positive impact on our earnings as well as further reduce our loan to value.”