Ballymore has sold the Waitrose at its Embassy Gardens development in Nine Elms, SW8, for £22m – a 3.5% yield – to a private Middle Eastern investor.
The developer instructed Coady Supple to market the store last October, before its opening in November.
Waitrose has signed a 25-year lease for the 36,000 sq ft shop and 128-space underground car park next to the new £600m US Embassy. It pays an annual rent of £820,000 with a fixed increase of 2% pa.
Ballymore’s plans for the 2.6m sq ft Nine Elms scheme include 2,000 homes, 600,000 sq ft of offices, 100,000 sq ft of shops and leisure and a 100-bedroom hotel.
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