Travis Perkins Properties Limited have sold their long leasehold interest in a site occupied by Dunelm and Wickes on Invincible Road, Farnborough. Since their acquisition of the site in early 2015, Travis Perkins Properties Limited have totally refurbished the scheme. Wickes have downsized from their previous occupation and the surplus of approximately 19,000 sq. ft has been let to Dunelm (Soft Furnishings) Limited on a 10 year lease, with circa 8.5 years remaining at the time of sale. The other unit, of approximately 20,000 sq. ft, has been let to Travis Perkins’ subsidiary, Wickes Building Supplies Limited, who have re-committed to the location on a new 20 year lease from the date of sale with a tenant break at year 10.
Hurst Warne were appointed by their long standing client to advise on a number of key asset management roles. Hurst Warne agreed terms for the new letting to Wickes, arranged all necessary acquisition reports and negotiated terms for the acquisition of the Travis Perkins long leasehold interest. The asset was acquired by clients of Hurst Warne for a price of £11 million, reflecting a net initial yield of 5.5%. Hurst Warne’s property management team are now managing the estate on behalf of the buyer.
ESH advised Travis Perkins Properties Limited on the sale. Hurst Warne advised the buyer on all property related matters with regard to the purchase.
Commenting on the purchase, Peter Richards, Director of Hurst Warne said:
“This was a complicated yet exciting off market acquisition for Hurst Warne. We were able to draw upon the breadth of professional skills within our business to best advise our client on all aspects relating to this purchase. Our client now owns an investment which is situated in a prime retail and trade location within the principle commercial and residential hub of the Blackwater Valley.”
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Hurst Warne are one of the leading commercial property agents and Chartered Surveyors in the South East with a network of five offices in Woking, Farnborough, Leatherhead, Guildford and Redhill.
18 January 2019