The centre is anchored by Boots, Argos, WH Smiths, Etam, Mothercare and Superdrug and comprises 26 units in total. Total rental income is £1.3 million ($2.4 million) rising to £1.5 million ($2.8 million) on settlement of outstanding rent reviews, providing an income yield of 7.4%.
In Redditch a 110,000-sf freehold industrial building has been bought with vacant possession for £3.7 million ($6.8 million). Development Securities plans to refurbish it before reletting. It says there is a comparative shortage of product of this size in the market . At the same time the company has sold Grove House in Ashford,Middlesex for £4 million ($7.4 million), reflecting a net initialyield of 10.4%. The property consists of 15,266 sf of office space and 8,005sf of retail, generating an annual income of £0.4 million ($0.75 million).
Matthew Weiner, director of Investments at Development Securities says: "Following the announcement in January that the company had disposed of £25 million of property, we are pleased to have reinvested the proceeds so soon, given the competitive nature of the investment market."
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