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LONDON-Retail warehousing specialist Grantchester has sold its development at Parkhead Forge, on the eastern outskirts of Glasgow, to the Dodder Limited Partnership for £39.1 million ($60 million). The sale price reflects a net initial yield of 6.28%.

The development consists of two large-format stores. DIY retailer B & Q Warehouse occupies a 110,700-sf unit paying a current rent of £1,496,520 ($2.29 million) per annum. And Big W–the out-of-town format of Woolworths–occupies 101,629 sf at a current rent of £1.1 million ($1.7 million) per annum.

In a Stock Exchange statement, Grantchester said the proceeds will be used to repay bank debt and to finance its ongoing operations.

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