Land Securities has sold Racecourse Retail Park in Liverpool to London & Stamford Property in a deal worth around £61m.
Guernsey-based London & Stamford Property announced the acquisition on the London Stock Exchange today and it marks the company's first venture into the North West market.
Racecourse Retail Park adjoins Aintree Racecourse and comprises of 13 units occupying 291,471 sq ft, with parking on site for more than 1,0000 cars.
Tenants include Next, Homebase, B&Q, Mothercare, and Boots with a weighted average unexpired lease term of approximately 13 years. In February Marks & Spencer opened a 39,000 sq ft store.
London & Stamford said the development generates £5,481,579 per annum and is let at rents ranging between £13/sq ft and £30/sq ft.
Savills acted for London & Stamford Property and Cushman and Wakefield acted for Land Securities.