British Land purchases Macclesfield supermarket
4 February 2010 10:27
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A Macclesfield supermarket store has been bought by British Land for £30.5m, reflecting a net initial yield of 5.0%.
British Land regards the 73,500 sq ft store as a "secure income stream" for its existing supermarket portfolio.
It is leased to supermarket chain Sainsbury's for 29.5 years at an initial rent of £22/sq ft. The lease benefits from Retail Price Index linked increases, capped at 4% a year, with a minimum increase of 2% a year.
Private clients of Blandford Goldsmith sold the property. NB Real Estate and GL Hearn acted for British Land.
