In the Glasgow suburb of Bearsden, Grantchester has sold a prime 77,500-sf supermarket £15 million ($21.5 million), reflecting a net initial yield of 6.8%. The property is let to Asda Wal-Mart on a lease expiring in June 2023. The passing rent of £1,024,100 ($1.46 million) per annum is based on £14.50 ($20.75) per sf for the supermarket space. The next rent review is due on 3 June 2003.

Grantchester was advised by Campbell & Company while the purchaser, Northern Ireland-based GWM Developments, was advised by Drivers Jonas and Osborne King.

In Paisley Grantchester has sold two units let to TDG and Granada Hospitality, to Vico Property Group for £4.2 million reflecting a net initial yield of 8.47%. The site provides a total current income of £356,000 ($509,000) per annum. Grantchester was advised by Hartley Cowley.

And in Airdrie, North Lanarkshire, Grantchester has sold the Airdrie Retail Park to private overseas investor clients of City and London Investment Management for £14.325 million, reflecting a net initial yield of 7%. The scheme was developed in 1997 and comprises nine retail warehouse units and one fast food unit totalling 103,949 sf. It creates a total current income of £1,011,539 ($1.45 million) per annum. Grantchester was advised by Wilkinson Williams.

Grantchester's Investment Director Chris Evans said: 'These disposals are in line with our stated strategy of maximising value for shareholders through selling those properties where we can no longer generate a level of return required by shareholders and focusing on larger, more profitable development transactions.'

Instant Insights /

Grantchester Sells Three Schemes in Scotland

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