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11/04/2019

Kier Property Sells Sydenham Sites For £65m

Kier Property has sold two adjoining sites in Sydenham for a total cost of £65 million.

Bell Green Retail Park, an 11-unit development, was sold to CBRE Global Investors on behalf of West Midlands Pension Fund for £50 million.

The retail park includes occupiers like Next, Dixons, B&Q, Pets at Home, McDonalds and Aldi, which recently secured consent for the former Toys 'R' Us unit.

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An disclosed party also purchased the adjoining Trade City scheme in Sydenham for £14.65m, delivering a net yield of 4.3%.

The former gas works site was purchased in 2012 from SGN and comprises an 11-unit trade counter development with occupiers including HSS Hire, Toolstation, Edmundson Electrical and Mercedes.

Kier Property was represented in both instances by Cushman & Wakefield.

(CM/JG)

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