Orchard Street Investment Management has bought the Tesco Extra in Wembley, NW10, from a joint venture between British Land and Tesco.
The company will pay £61.86m, reflecting a net initial yield of 5.5%.
The 122,145 sq ft Wembley Tesco Extra includes a 781-space car park and standalone petrol station and is located close to the North Circular, Ikea and the national football stadium.
The site is let to Tesco Stores for a further 23 years, subject to five-yearly rent reviews, with a current rental income of £3.6m pa.
In 2011, substantial refurbishments and extensions were made to the store by Tesco.
Gary Felce, partner at Orchard Street, said: “The combination of a long secure income from a first class covenant, excellent location and the strength of the food sector make this a high-quality asset with strong growth potential.”
jack.sidders@estatesgazette.com
