// Northolt Retail Park in Harrow sold for £11m
// The retail park has a catchment population of over 146, 000 consumers
Northolt Retail Park in Harrow has been sold for £11 million to the Aitch Group.
On behalf of LaSalle Investment Management, Savills sold the 32,000sq ft park which is now fully let to retailers such as Dunelm, Homesense and Sports Direct.
It will generate an annual passing rent of £817,419 with an average unexpired lease term of 2.5 years.
Located in north west London, the retail park has a catchment population of over 146,000 within a 10 minute drive time.
“This sale was in line with a strategy to down weight exposure to retail. We were pleased with the pricing achieved considering the short term income and level of over-rent.” LaSalle Investment Management fund manager Tom Hill said.
Simon Westray at Aitch Group added: “This acquisition combines a solid income stream with a longer term asset management opportunity which perfectly suits our business model,”
“We are very much in the market to secure more opportunities like this across London and the South East.”