UK Commercial Property Trust, managed by Ignis Asset Management has completed the purchase of Kew Retail Park from Henderson UK Retail Warehouse Fund.

It has paid £31.35m for the five-unit retail park representing a net initial yield of 6.89%.

Kew Retail Park has a total internal area of 62,032 sq ft with tenants including Mothercare, TK Maxx, Gap, Next and Boots with rents ranging from £35.75/ sq ft to £37.75/ sq ft.

Michael Neal, Fund Manager of Henderson Global Investors Retail Warehouse Fund said: ‘Since its acquisition of the asset in 2002 the Fund has been successful in increasing total rents by over 60%. The sale shows encouraging signs for buyers of retail warehouses that there is liquidity in the market, despite the current market conditions.’

The existing owner-occupied M&S store of 76,682 sq ft does not make up part of the sale.

GVA Grimley acted for UKCPT / Ignis Asset Management and Cushman & Wakefield and Morgan Williams acted for Henderson UK Retail Warehouse Fund.