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Bligh's Meadow, Sevenoaks

Client: Ironbridge Estates

Instruction: Investment sale

Instructed by Ironbridge Estates,  Chase & Partners successfully completed the investment sale of Bligh's Meadow Shopping Centre within eight weeks of being instructed.

We agreed a marketing strategy with our client to approach a selected number of investors offering the opportunity on a confidential basis. Our targeted approach succeeded in attracting considerable interest from a number of those parties contacted.

Bligh's Meadow provides the only shopping centre in Sevenoaks, consisting of some 51 tenancies. The 100,000 sq ft mixed retail and office scheme opened in 2000 and is held on a 150-year lease at a peppercorn from Sevenoaks District council.

Retailers include Marks & Spencer, Monsoon, Gap, Viyella, Laura Ashley, Phase 8, Costa Coffee and The Body Shop.

Following our targeted marketing campaign terms were agreed, within our client's timescale, with Ignis UK Property Fund, who paid £27,850,000 for the long leasehold and a number of freeholds, reflecting a net initial yield of 5.93%.