Retail warehouse specialist Grantchester has sold its 100,000 sq ft (9,290 sq m) B&Q Warehouse store in Dundee for £15.72m cash, reflecting a net initial yield of around 5.38%.
The property, which brings in £800,000 pa, or £8 per sq ft sq ft (£86 per sq m), was sold to the trustees of the Hamilton Sherburn Syndicate.
The proceeds will be used to repay bank debt and to finance Grantchester’s ongoing operations, and represent a surplus of £19,000 over the last reported book value, before selling costs.
EGi News 13/09/02
