LaSalle completes sale of Wey Retail Park, West Byfleet
LaSalle Investment Management has completed the sale of Wey Retail Park, West Byfleet, on behalf of a pension fund client. The sale to ING was agreed at a price of GBP12.85 million, representing a net initial yield of 5.93% according to Property Funds World.
Located on the edge of the commuter town of West Byfleet, Wey Retail Park totals 35,760 square feet, with tenants including Comet, Pets at Home, Paul Simon and Halfords. It benefits from a part fully open, part bulky planning consent.
Christopher Fry, fund manager at LaSalle Investment Management said:
“This sale is great news for our client. It crystallizes the increase in value which has resulted from our success in splitting and reletting the former MFI unit on the park and in widening planning consent.”
LaSalle was advised by Wilkinson Williams and solicitors Wragge and Co.