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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