Meghraj Properties has sold a 396,000 sq ft distribution warehouse let to Waitrose in Milton Keynes for £38.4m to a UK private investor.
The deal for the shed in Brinklow, which is one of Waitrose’s four UK regional distribution centres, reflects a net initial yield of just over 6%.
Waitrose has 17.5 years unexpired on the lease with five-yearly rent reviews. Waitrose is paying just under £2.5m a year in rent, equating to £6.22 per sq ft.
Jones Lang LaSalle advised Meghraj Properties.
nick.whitten@estatesgazette.com
