Retail specialist London & Associated Properties (LAP) has bought a 16,000 sq ft (1,486 sq m) Dixons store adjacent to its Orchard Square shopping centre in Sheffield.
LAP paid £7.5m to Legal & General Assurance Society for the store, reflecting a net initial yield of 5.14%.
The store, on Sheffield’s prime retail pitch, produces annual rental income of £407,750. Dixons’ lease expires in 2009.
Lane Walker acted for LAP.
JEMA Fund Management acted for L&G.
References: EGi News 23/03/04
