Legal & General, acting for Rover Group Trustees, has paid £7.45m for the Superdrug and Mothercare stores at 42/48 Southgate in Bath. The deal reflects a 5.5% yield.
Both units are occupied on 25 year leases from December 1982. Superdrug pays £152,000 pa for a unit covering three floors totalling 562 sq m (6,050 sq ft). Mothercare’s 1,333 sq m (14,350 sq ft) shop, also on three storeys, produces a rent of £270,000 pa. Reviews are due in December this year.
Morgan Williams advised Legal & General while Healey & Baker acted for vendor, J Sainsbury’s Trustees Pension Fund.
EGi News 05/02/97
