CBRE Global Investors, on behalf of a separate account client, has acquired a foodstore at 2-6 Werter Road Putney, London for GBP23.1million, reflecting a net initial yield of 3.7%.
The 32,556 sq ft foodstore is let to Sainsbury’s Supermarkets Limited for a further 21.5 years with annual RPI uplifts. The store has 51 car parking spaces.
Michael Ness, Head of UK, CBRE Global Investors, says: “This investment should be an excellent addition to our client’s portfolio. This particular Sainsbury’s is a strong performer and with the attractive lease length, strong covenant and the annual RPI linked reviews, this will provide secure income and solid returns for our client.”
Paul McNair of Fineman Ross, says: “This is a highly sought after asset class and the depth of competition is reflective of strong investor appetite for quality assets in prime locations, a position which is likely to sustain for the foreseeable future.”
Fineman Ross acted for CBRE Global Investors. Chapman Petrie acted for the private investor vendor.