Clients of Invista Real Estate Investment Management have sold the Tesco Stores distribution warehouse on Wingates Industrial Estate to a private investor at a net initial yield of 9.5%.
The warehouse comprises 272,055 sq ft and is let to Tesco Stores until September 2016. The passing rent totals £1,189,323 a year, or £4.50/sq ft.
Craig Barton, investment director at DTZ, advised Invista. He said: "This is a strong result and we were pleasantly surprised by the level of interest the sale generated. This disposal suggests that demand for fundamentally sound property remains robust, particularly from private investors seeking attractive cash on cash returns relative to alternative asset classes."
Anthony Lipton & Co advised the purchaser.