Waitrose building purchased in Knutsford

Princess Street Holdings has sold a 12,809 sq ft building on 28-30 Princess Street in Knutsford for £2.7m to the Associated British Foods Pensions Trustees.

The property is let to food retailer Waitrose on a 25 year lease. The initial passing rent totals £140,000 a year, with fixed uplifts every 5 years.

Matthew Dobson, property partner at Brabners Chaffe Street, who advised Princess Street Holdings, said: "This is a successful and desirable retail location, with a strong occupier profile, making it an attractive target for investors."

The deal reflects a net initial yield of just under 5%. Rob Millington of Cheetham & Mortimer also advised Princess Street Holdings, while Alun Jones of Edwards & Co and Mayer Brown LLP acted for the purchaser.