Widnes Morrisons pre-sold at 5.4%
5 April 2012 09:40
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Ladson Group, represented by Savills and Cheetham & Mortimer, has sold the Morrisons convenience store at Upton Rocks in Widnes, Halton to a private investor for £1.2m, reflecting a net initial yield of 5.4%.
The 4,300 sq ft store is currently under construction and will be part of a new housing development. The property will be occupied by WM Morrisons Supermarkets on a 15-year lease at an initial rent of £69,056.
Peter Ratcliff, investment director at Savills, said: "Offering a strong covenant combined with a prominent location within a new retail core for Upton Rocks, this property presented a very appealing investment, which is reflected in the strong price achieved for our client."
The purchaser was advised by Keenan & Co.
