Warner Estate has sold a 38,119 sq ft retail warehouse in Worthing to Worthing Retail for £8.6m, reflecting a net initial yield of 4.4%.
The property at 120 Ham Road, Worthing, is let to MFI Properties until 2020, reflecting a 35-year lease, at a current rent payable of £406,750pa.
The warehouse sits within Warner Estate’s core property portfolio.
Richard Moore, property director at Warner, said: “The sale achieves a significant surplus over capital value at a level exceeding our own expectations in both the short and medium term.”
References: EGi News 27/06/05
