Wilkinson Williams

Press Release

Houndstone Retail Park, Yeovil

Clients of LaSalle Investment Management have acquired the dominant bulky goods scheme in Yeovil, Houndstone Retail Park, from Legal & General for a price of £15 million. The scheme extends to 114,000 sq ft and is let to Homebase, Harveys, Halfords, Maplin, Carpetright, Currys, with vacant units formerly occupied by MFI and Land of Leather. The scheme has primarily a bulky goods consent with two units benefiting from open non-food planning consent and rents range between £14.50 and £17.50 per sq ft. The purchase price reflects a net initial yield of 8.92%, rising to 9.33% on the settlement of outstanding rent reviews, increasing to circa 12% upon the letting of the vacant accommodation. Wilkinson Williams advised LaSalle.