Aberdeen Asset Management has bought the Furniture Village store on Purley Way in Croydon, Surrey, for £15m.
The purchase from M&G Real Estate reflects a 5.8% yield.
The open A1 23,500 sq ft retail warehouse has been recently let to Furniture Village on a new 15-year lease at a rent of £40 per sq ft.
Jonny Perkins, director at Jones Lang LaSalle, which advised Aberdeen Asset Management, said: “Purley Way is a tremendously strong trading location, backed up by the fact that Furniture Village has aspirations to make this property their flagship store.
“Prime property like this, which also provides a long-term income profile, has become rare and difficult to purchase.”
annabel.dixon@estatesgazette.com
