Retail park property sold for £25 million

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Part of the Admiral Retail Park has been sold for £25 million.

The investment property at the retail park in Lottbridge Drove was owned by logistics, airports and property group Stobart.

The listed company told investors it had exchanged contracts for the sale of its Eastbourne investment property to Clerical Medical Managed Funds.

The property was valued at £24.1m in February, the end of Stobart’s 2012/13 financial year, and generated annual rental income of £1.6m.

The disposal price represents a gain of £2.1m since the acquisition of the property in 2012.

Completion on the deal is expected to occur today (Friday) and proceeds will be held in cash pending reinvestment in the property portfolio or repayment of debt.

The Admiral Retail Park is home to Wickes, Argos, Pizza Hut and Homebase.