Equitable Life Assurance Society has bought the Asda Superstore on the A45 at Small Heath, Birmingham, West Midlands,from Pillar Properties for £17.25m. The price reflects an initial yield of 7% rising to 8.25% following a fixed rent review in January 1999.
Built in 1988, the 8,757 sq m (95,000 sq ft) store is adjoined by a petrol station and 600 parking spaces. Asda currently pay £140 per sq m (£13 per sq ft) rising to £167 per sq m (£15.50 per sq ft) following the fixed rent review in January 1999. The lease runs for 25 years from 1994 with five yearly rent reviews.
Jones Lang Wootton advised Equitable Life and Savills represented Pillar.
EGi News 12/07/96
