F&C Property Asset Management has bought two adjoining retail warehouses in Fleets Lane, Poole, for £11.6m, a yield of 5.9%.
Office supply company Staples and electrical goods retailer Comet occupy the two units that make up the development, which is located close to Wessex Gate Retail Park.
Staples occupies a 20,077 sq f t shop at a rent of £332,800 a year, while Comet has a 16,000 sq ft store at a rent of £264,000 rent a year. Both leases expire in 17 years.
George Cotton, head of out-of-town retail at F&C Property, said: “This investment is prominently located in the town’s principal bulky goods retailing district and is complemented by several other multiple retailers, including a B&Q warehouse.”
F&C Property, advised by Chase and Partners, acted for Friends Provident Life Assurance. Colliers CRE acted for the seller, Appold LLP, a joint venture between Deutsche Bank and Tufton Land.
References: EGi News 14/12/04
