AXA Real Estate has sold its Waitrose supermarket at Foss Islands Road, York, to SI Pension Trustees for £11.9m.
AXA acquired the property in 2006 and converted it from a former MFI shop into a 35,200 sq ft foodstore with 176 car parking spaces.
It agreed a 20-year lease with Waitrose at a rent of £563,000 pa, equating to £16.00 per sq ft.
Rent reviews are five yearly and upward only, with the first two having fixed uplifts based on 2.5% pa with the third review being to the open market value.
Colliers Capital and BC Commercial advised SI Pension Trustees; CB Richard Ellis advised AXA Real Estate.
Annabel.dixon@estatesgazette.com
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