Wed, 16/04/2014 - 11:25
Orchard Street Investment Management has completed the acquisition of a Sainsbury’s supermarket in Wallington, Surrey on behalf of St James’s Place UK from Legal & General Property for GBP35.03 million.
The sale price represents a net initial yield of 4.25 per cent.
The 60,400 sq ft supermarket is let to J Sainsbury’s PLC on a 20 year lease. The lease has recently been regeared from open market review to RPI reviews at a new rent of GBP1,575,000 per annum (GBP26 psf), which will be subject to five yearly rent review increases in line with the retail price index with an uplift of between 1.0 per cent and 4.0 per cent compound per annum.
Barney Rowe, partner at Orchard Street, says: “The acquisition of this prime supermarket provides us with good exposure to inflation linked rental growth from a top quality covenant. This, combined with the asset’s excellent location in an affluent suburb of south London, underpins our confidence in the asset’s long term reversionary potential.”
Knight Frank acted for Orchard Street and CBRE acted on behalf of Legal & General Property.
Thu 23/04/2015 - 19:00
Wed 22/04/2015 - 20:30
Wed 22/04/2015 - 06:00
Tue 21/04/2015 - 19:00
Fri 24/04/2015 - 11:00
Fri 24/04/2015 - 06:00
Fri, 24/Apr/2015 - 21:30
Fri, 24/Apr/2015 - 20:30
Fri, 24/Apr/2015 - 19:00
Fri, 24/Apr/2015 - 16:00
Fri, 24/Apr/2015 - 15:00
Fri, 24/Apr/2015 - 09:00
Fri, 24 Apr 2015 00:00:00 GMTSenior Project Manager – Data Governance
Fri, 24 Apr 2015 00:00:00 GMTJava Programmer – Credit Derivatives, Front Office
Fri, 24 Apr 2015 00:00:00 GMT