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Sainsbury’s Local in Menston, Leeds bought for £1.44m

14th November 2016

Ryden has announced that it has purchased the newly developed Sainsbury’s Local store in Menston, Leeds on behalf of Kingston Unity Friendly Society.  The retail unit was sold on a forward commitment basis for £1.44 million, reflecting a net initial yield of 5.2%.  AWS advised the seller, Leeds based developer Gregory Property Group.

The investment comprises a 4,000 sq ft purpose built retail store in a very prominent location fronting the A65 arterial route from Leeds to Menston. The building was pre-let to Sainsbury’s Supermarkets Ltd on a 15 year lease, without break with fixed uplifts, and a commencing rent reflecting £19.05 per sq ft.

Kevin Surplice of AWS commented that: “the scheme provides high quality convenience store facilities in a very popular residential location let to a first class covenant. The investment was sold on a forward commitment basis off an aggressive net initial yield, reflecting the highly competitive investment market for high quality properties.”

Matthew Edwards of Ryden added: “We are pleased to secure this new build investment which has good security of income and an attractive yield on behalf of our client."

 

Categories Deals Investment Retail

Matthew Edwards

Matthew has over 25 years experience in commercial property and a wide range of contacts in the Yorkshire Property Market. He set up Ryden’s Leeds office in 1995 and is the Regional Managing Partner.

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