Legal & General Life Fund has sold the Longwater Retail Park in Norwich to Royal London Asset Management for £28.5 million, reflecting a net initial yield of 6 per cent.

The 150,110 sq ft (13,945 sq m) park is anchored by a 70,070 sq ft (6,510 sq m) unit that has recently been sub-let to CDS, trading as The Range. Three of the other five units are let to Pets at Home, Staples and DP Furniture Express, with the remaining two vacant.

The park has a wide bulky goods consent and produces an income of£1.8 million a year, including rental guarantees on the vacant units.

Legal & General was advised by FPD Savills. Strutt & Parker acted on behalf of Royal London Asset Management.

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