Wilkinson Williams

Press Release

L&G buy Blenheim Centre, Hounslow for £35.5 million from AREA

Legal & General Property have acquired the freehold of the Blenheim Centre in Hounslow for £35.5 million from AREA. The development was completed in 2006 and comprises some 128,000 sq ft of predominantly retail accommodation, with some ancillary leisure, healthcare and restaurant space. The centre is anchored by a 72,000 sq ft Asda foodstore with a 409 space basement car park. On the upper levels, there are some 484 apartments on a long lease.

The development lies adjoining the town centre and was proposed to be the first phase of a two stage development. The second phase was planned to be a shopping centre and leisure scheme linking into the high street. Legal & General will be, in time, looking to take this development forward in conjunction with Hounslow Council.

The price paid reflects a net initial yield of around 5.5%, rising to 6% next year on a fixed uplift in the Asda lease (to £16.70 per sq ft); with an anticipated further reversion following an open market rent review over the foodstore in 2016.

Strutt & Parker and Asprey Consulting acted on behalf of the vendors and the purchasers were advised by Wilkinson Williams.

For further information please contact Paul Wilkinson

p.wilkinson@wilkinsonwilliams.co.uk

Or alternatively please contact Ellie Kirkby

e.kirkby@wilkinsonwilliams.co.uk