LAMIT has bought a 80,045 sq ft retail warehouse in Nottingham from Sharmore for £16.7m – 6.79% yield.
The property is let to Homebase and is held on a 25-year lease from 2003 at an annual rent of £1.2m, or £14.99 per sq ft.
BNP Paribas Real Estate’s Ashley Layton said: “The property provided a good opportunity to acquire a well let asset in a strong prominent location with some potential future development to increase the income.”
The property, fronting Queen’s Drive, is at the entrance of the NG2 business park and close to the Riverside Retail Park.
BNP Paribas Real Estate advised LAMIT; Savills advised Sharmore.
