Allied Dunbar pays £18m for Market Quay

Miller Developments and CTP have forward-sold Market Quay, their 14,865 sq m development at Fareham in Hampshire, to Allied Dunbar for£18 million, at a net yield of 7.89 per cent.

The scheme is more than 75 per cent pre-let, with key tenants including Wilkinsons, TK Maxx, JJB Sports and Peacocks. Rents of about£55 Zone A have been achieved.

The leisure element will be anchored by a GSX cinema and Litten Tree and Chicago Rock bars and restaurants. LA Fitness has also signed up to operate a 1,395 sq m health and fitness club. The Market Quay development is expected to be open for trading by July next year.

Joint agents for Miller/ CTP are Colliers Conrad Ritblat Erdman and King Sturge. FPD Savills acted for Allied Dunbar and Fareham Borough Council was advised by BPS Chartered Surveyors.