ISIS Property, acting for the Friends Provident Life Assurance Commercial Fund, has paid Legal & General £13.7m for a 42,000 sq ft (3,901 sq m) Homebase store in Sutton Coldfield. The deal reflects an initial yield of around 5.3%
The standalone unit with a garden centre is held on a 25-year lease at a rent of £768,096 pa and is the only DIY outlet in the West Midlands town.
George Cotton, head of out of town retail at ISIS, said: “We anticipate a strong level of rental growth as the unit is well located and serves a wealthy catchment. The out of town retail sector continues to out perform and the acquisition of this investment with rental growth potential is clearly to the fund’s long term advantage.”
ISIS was advised by Jones Lang Lasalle; CB Richard Ellis acted for Legal & General.
References: EGi News 21/07/04
