Norwich Union has acquired the freeholds of the Homebase and Comet retail warehouses at the Commercial Centre, Alder Road in Poole, Dorset, from Shell Pension Trust for £5.525m
NU’s new investment totals 4,088 sq m (44,000 sq ft) and includes 202 car parking spaces. At present, Comet and Homebase generate a combined rental income of £365,000pa. A rent review due this year is expected to force rents up. Following the review, NU expects the investment to achieve a net yield of 7.5%.
Hillier Parker acted for Shell Pension Trust while Wilkinson Williams advised NU.
EGi News 12/07/96
