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LONDON-The Corporation of London has raised £22.85 million ($33 million) from the sale of its long leasehold interest in a Sainsbury’s food store in Bramingham Park, Luton, Bedfordshire to a private investor. The sale price reflects a net initial yield of 6.37

The 73,829-sf supermarket is let to J Sainsbury for a further 26 years. It includes a petrol station and 422 car spaces. Significantly in a market where open market rental evidence is hard to come by, the store is let to Sainsbury’s at a rent of £1,539,655 ($2/25 million) per annum. At £20.85 ($30) per sf this is towards the top end of the range in the UK.

The purchaser was a private investor partnership promoted by Pinder Fry & Benjamin, represented by Cushman & Wakefield Healey & Baker. The vendor was advised by Insignia Richard Ellis.

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