Part of Kew Retail Park Sold for Redevelopment

Berkeley Group reported considering building housing on the site

Kew Retail Park looks set to be partly converted to housingKew Retail Park looks set to be partly converted to housing



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Nearly half the site at Kew Retail Park has been sold with reports suggesting that it has been slated for redevelopment into housing.

The UK Commercial Property REIT, a listed investment trust managed by Aberdeen Standard Investments has sold the 4.7 acres it owns on the 10 acre site for £41 million.

The site comprises over 61,000 sq ft of space across five units which currently are occupied by Boots, Sports Direct, Gap, Next and TK Maxx. It is understood that the retailers are all currently on short leases.

Reports in the property media are suggesting that the Berkeley Group is the purchaser and its intention is to develop the site into flats. The property developer has not responded to requests for comment.

Will Fulton at Aberdeen Standard Investments said, "This disposal allows us to continue our portfolio repositioning strategy with the sale of a low growth retail asset via a transaction with a leading UK housebuilder. The transaction permits us to take advantage of strong demand for residential development opportunities and generates further capital for us to invest into income accretive properties, particularly modern economy assets with the potential to deliver sustainable and growing income returns over the long term”.
Shares in UK Commercial Property were up 1.7% at 73.30 pence in London on Thursday.

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April 5, 2021

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