Property news - Lanebridge Fund snaps up Telford retail complex

ISIS Property has sold Rampart Court retail park in Telford, Shropshire, to The Lanebridge Property Fund for£4.3 million.

The price paid by Lanebridge reflects a net initial yield of 6 per cent.

The park comprises two units. Staples occupies 20,000 sq ft (1,860 sq m) on a 25-year lease, expiring in 2021, at£230,000 a year.

Meanwhile, Blockbuster occupies a 4,120 sq ft (385 sq m) unit, also on a 25-year lease expiring in 2021, at£48,500 a year.

ISIS Property was advised by Chase & Partners. FPD Savills acted for The Lanebridge Property Fund.