Legal & General Property, acting on behalf of the Civil Aviation Authority Pension Scheme, has paid the Western Morning News Company about £7m for 65-69 New George Street, Plymouth, Devon. The deal reflects a 7.25% yield.
The scheme was rebuilt in 1993 behind its existing facade to create four units. They are currently let to Bradford & Bingley Building Society, Dillons, JJB Sports and a local card retailer. The investment generates £521,263 pa.
Cluttons advised Legal & General while Gooch & Wagstaff represented the vendor.
EGi News 30/07/96
