Property News - Morley offloads nine out-of-town retail schemes

Morley Fund Management has sold a portfolio of nine out-of-town retail warehouse investments to Brookhouse Group for£69.4 million, reflecting a net initial yield of 6 per cent.

The portfolio totals 316,035 sq ft (29,360 sq m), and comprises nine modern developments in Ashford, Bracknell, Brentford, Eastleigh, Waltham Abbey, Barnstaple, Newton Abbot, Poole and York.

The portfolio has a total rent roll of approximately£4.4 million a year, from tenants including B&Q, Homebase, Currys and McDonald's.

More than 70 per cent of the income is secured on leases with more than 15 years unexpired.

Morley was advised by Edgerley Simpson Howe & Partners. Chase & Partners acted for Brookhouse Group.