DevSec sells Burnley retail park

Developments Securities has made a £1m profit from the disposal of Anchor Retail Park in Burnley less than two years after buying it.

The 42,000 sq ft retail park in Burnley was sold to an undisclosed buyer for £6.5m. The park is fully let to tenants including Halfords and Iceland. DevSec acquired the retail park as part of the Rock portfolio in October 2010, bought for £23.3m. Two-thirds of the portfolio has now been sold, generating cumulative revenue of £27.8m and profits of £5.3m.

Devsec also said today it had sold residential and retail at Westminster Palace Gardens in London for £21.9m, realising profit of £2.0m. A Morrisons store in Littlehampton has been acquired on completion by the supermarket group for £12.5m, a profit of £3m.

Michael Marx, chief executive of Development Securities, said: "All of these properties were acquired from the proceeds of our equity raise in July 2009. The profitable realisation of these assets within a short time frame confirms our strategy of creating value by repositioning secondary or tertiary real estate into prime or near-prime markets."

Shares in the company were up 2p at 158p.