Travis Perkins makes £20.55m warehouse development sale

Travis Perkins Otterspool Way Watford

Travis Perkins has sold two completed retail warehouse developments in Watford and Tunbridge Wells to clients of Knight Frank Investment Management for £20.55m.

The builders’ merchant sold the developments, which both opened in 2016 and are located at Otterspool Way, Watford, and at Longfield Road, Tunbridge Wells, at an initial yield of 4.7%.

Both developments have Wickes stores in the latest format, which comprises a 20,000 sq ft ground floor and a 5,000 sq ft mezzanine. Travis Perkins subsidiary Wickes has taken a lease for 20 years, without break, at an initial rent of £18.55/sq ft at Watford and £18.20/sq ft at Tunbridge Wells.

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