Aviva has paid Orchard Street Investment Management £9.4m for properties in Cheltenham and Leeds.
On behalf of St James’s Place Property Unit Trust, Orchard Street has sold two warehouses on Gelderd Road, Leeds, for £5.5m – a 6.78% net initial yield.
The 80,178 sq ft of space is let to Antalis and RS Components on an average weighted unexpired lease term of three years.
In Cheltenham, Gloucestershire, Aviva has bought a 16,837 sq ft, purpose-built car showroom let to Volkswagen UK on a 20-year lease. It paid £3.9m –a 6.15% yield – for the site fronting Tewkesbury Road.
CBRE acted for the vendor; Knight Frank advised the buyer.
