Dunmoore has sold its newly developed Billingshurst Trade Park in Sussex to Aegon Asset Management for £17m, reflecting a net initial yield of 4.21%
Billingshurst Trade Park comprises 12 trade counter units totalling 52,316 sq ft and let to a number of national and regional trade operators, including Screwfix, Howdens, Toolstation and Easy Bathrooms.
The park also benefits from an estate-wide green energy grid set up by Dunmoore, which has given it exceptional ESG credentials.
The sale concludes the first phase of development at Billingshurst Business Park. The remaining phases will provide a further 250,000 sq ft of business space.
Jeff Hobby, chief executive and owner of Dunmoore, said: “The sale to Aegon completes the first phase of our successful business plan from an unconsented greenfield site to a prime trade counter development.
“Along with Mansfield and Ashford, Billingshurst Trade Park is the third successful sale from our Made for Trade portfolio. The proceeds will be redeployed into further value-add and development opportunities within the sector.”
Dunmoore was advised by Knight Frank and WHY Property Investment; Aegon Asset Management was advised by XPROP.