British Land has paid £5.29m for the freehold of Ashby Developments’ 8,625 sq m (92,845 sq ft) extension to United Biscuits’ distribution warehouse at Flagstaff 42, Ashby-De-La-Zouch, Leicestershire. The deal reflects a yield of 4%. United Biscuits has taken a 25-year lease on the extension at £1.13m pa (£5.25 per sq ft).
BL bought the original 11,377 sq m (122,464 sq ft) warehouse from Ashby Developments in November 1993 for about £7.75m, reflecting an 8% yield. This unit is already occupied by United Biscuits on a 25-year FRI lease from June 1992 at £642,941 pa
Conrad Ritblat & Co and Spence Rushton acted for BL. Andrew Bremer advised Ashby Developments.
EGi News 15/05/96
