Viaduct Estates has sold a portfolio of eight properties to BBC Pension Trust for £17.25m in a deal that shows an overall initial yield of 6.4%.
The portfolio produces total income of £1.13m pa although one review is outstanding and others are due in the coming year. Seven of the eight properties have leases with at least 20 years unexpired.
“The deal was a rare opportunity to acquire a carefully assembled portfolio,” said James Routledge of Matthews & Goodman, which advised Viaduct. Knight Frank & Rutley acted for the trust.
Key properties include an office building on Leicester’s Meridian Business Park, let to Norwich Union at £70,745 pa, and a Texas Homecare retail warehouse producing £272,250 pa in Dover, Kent.
The portfolio also includes: retail warehouses in Abingdon and Torquay; High Street shops in Felixstowe, Stowmarket and Wisbech; and a warehouse in Shoreham.
Among the tenants in the portfolio’s properties are Woolworths, B&Q, W H Smith and Legal & General.
