Insider News South East – £12.5m Southampton property deal

Insider News South East – £12.5m Southampton property deal

Legal & General Property (LGP) has purchased two retail units in Southampton for £12.5m.
LGP has secured the long leasehold interest in 60/66 Above Bar Street, a 48,000 sq ft property, on behalf of its Managed Fun from UBS Global Asset Management. The larger of the two units is let to TK Maxx on a lease expiring in 2022 and the second unit is let to Sportswift, which trades as Card Factory, on a lease expiring in 2020.
LGP said the acquisitions represents a net initial yield of 7.84 per cent. The business has also secured three new lettings with TK Maxx at sites in Hertfordshire, Essex and Cornwall.
Michael Barrie, director of fund management at Legal & General Property, said: "These transactions demonstrate the significant advantages of the depth and breadth of LGP’s platform.
"Owing to its size, diversity and penetration, along with its wealth of in-house skill and expertise, LGP boasts an almost unrivalled network of contacts.
"These enable us to not only get close to major occupiers, fully engaging with and understanding their strategic requirements, but also provides us with first class knowledge of localised markets and sub-sectors."