British Land Website - January 7, 2010
British Land sells Sainsbury’s Superstore in Macclesfield for £36 million
British Land announces today that it has sold a Sainsbury’s superstore in Macclesfield to Aviva Investors for their Lime Property Fund for £36 million, representing a net initial yield of 4.4%.
The 73,500 square foot superstore is leased to Sainsbury’s for 28.5 years at a passing rent of £22.90 per square foot with annual RPI linked increases capped at 4% pa with a minimum increase of 2% pa.
Charles Maudsley, British Land’s Head of Retail said, "We are delighted to have agreed the sale of Sainsbury’s Macclesfield superstore at a value which reflects the significant yield compression in this sector over the last year. The store is the dominant food store in the town, has an affluent catchment area, and will provide Aviva Investors with a long-term, high quality secure and growing income stream.”
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