Retail Property - Stevenage centre sale nets £24.8m

CBRE Investors has bought The Forum Centre at Stevenage, Hertfordshire, on behalf of a pension fund client.

The investment company saw off competition from 15 bidders, including institutions, property companies and private investors, both domestic and overseas.

The 88,400 sq ft (8,210 sq m) scheme was developed in 1997 with an open A1 planning consent. It is let to 11 tenants, including Dixons, JJB Sports, Virgin and TK Maxx. The sale price of£24.8 million reflects an initial yield of slightly more than 5 per cent, although outstanding reviews should take the income yield close to 5.75 per cent.

CBRE Investors was represented by Montagu Evans. The vendor, a joint venture between a private investor and Cargill Investments, was advised by Stiles Harold Williams.