BlackRock offloads £45m Orpington retail park

BlackRock has sold the 102,517 sq ft Springvale Retail Park in Orpington, south-east London, to NFU Mutual for £45m. The US-based investor acquired the site in 2012 for £56m from Kames Capital. Springvale Retail Park was being marketed by Savills for offers in excess of £55m, exclusive of VAT. It reflected a net initial yield of 5.97%, assuming purchaser’s costs at 6.78%. The retail park, located one mile from Orpington High Street, is comprised of nine retail warehouse units, together with a drive-through café unit developed in 2020. The property is fully let to retail tenants including anchor tenant Aldi, Wren, Argos, Sofology, Oak Furnitureland, Currys, Dreams, Halfords, Furniture Village and Starbucks. The park comes with a total of 386 car parking spaces. Knight Frank and Xprop advised NFU Mutual. See occupational sales comparables for Orpington >> To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Photo © Savills