Legal & General Investment Management has sold a Tesco food store at Faraday Retail Park in Coatbridge, North Lanarkshire to LxB for £25.75m.
The 85,220 sq ft store is let to the supermarket giant until April 2022.
As part of the transaction, the rent was topped up by the vendor, until rent review in April 2007, producing a net initial yield of 4.69%.
Faraday Retail Park totals 238,920 sq ft and is being extensively refurbished and extended.
Existing non-food retailers include Next, Matalan, Comet, Carpetright, Brantano and Roseby’s.
Miller Mathieson, senior director at CB Richard Ellis in Edinburgh, acted for the vendor.
He said: “Legal & General has recently refurbished the park.
“The remainder of it is retained and managed by it and there is an ongoing program of estate management, including refurbishments and extending elements of it.
“It has done well in already attracting fashion retailer Next to the park.”
LxB was advised by King Sturge.
References: EGi News 19/01/06
