Gordon Yeates Associates has sold the Waitrose supermarket at 87 Limpsfield Road in Sanderstead, Croydon, to Scottish Widows Investment Partnership for £5.7m – a 4.23% net initial yield.
The 32,000 sq ft property is let to Waitrose on a 99-year lease from 1998. The food retailer pays £255,000 pa on a 35% geared basis subject to five-yearly open-market rent reviews.
Jeremy Lovell, investment director at Savills, which advised Gordon Yeates, said: “This was rare opportunity to acquire a prime freehold supermarket let to a highly sought-after operator on a long-dated lease. We see few of these types of properties come to the market.”
SWIP was represented by Jointer Cummings.
annabel.dixon@estatesgazette.com
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