The existing Homebase and Toys 'R' Us units totalling 79,000 sfhave been sold to Scottish Mutual for £15.45 million ($21.5million) reflecting a net initial yield of 6.9%. Both units havebeen the subject of rent reviews achieving rents in the region of£15.00 ($21) per sf.

Morley Fund Management on behalf of Norwich Union Linked LifeFund has bought the latest retail warehouse phase of 47,500 sf.Tenants include Powerhouse and JJB Sports together with a McDonaldsdrive-thru. Rental levels are between £15.50 ($21.85) and £17.00($24.00) per sf. The purchase price of £13.15 million ($18.5million represents a net initial yield of 6.12% and an equivalentyield of 6.5%.

Rugby Estates has purchased a vacant site formerly occupied bythe Reading Bus Company for £1.35 million ($1.9 million) and iscurrently working up proposals for the redevelopment of the site.And Britannic still holds the industrial warehouse element of thescheme. King Sturge advised Scottish Mutual and Morley while AlbaLife was represented by Chesterton.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.