Kier Property, the development division of Kier Group, has sold its 50,000sq ft Trade City scheme at Sydenham to an undisclosed party for £14.65m, delivering a net yield of 4.3%.
The former gas works site was purchased in 2012 from SGN and comprises an 11-unit trade counter development with occupiers including HSS Hire, Toolstation, Edmundson Electrical and Mercedes.
The adjoining Bell Green Retail Park was also developed by Kier Property and sold last week to clients of CBRE Global Investors.
Leigh Thomas, executive director for Kier Property commented: We are delighted to announce our latest sale at Sydenham, this coupled with the sale of the retail park last week, proves that this scheme has been extremely successful. We are now reviewing options for Phase III on retained land adjoining these schemes.”
Kier Property was represented in this instance by Cushman & Wakefield.