British Land buys Macclesfield supermarket for £30m
Published: 04 February, 2010
British Land has increased its exposure to the foodstore sector, buying the freehold of a Sainsbury’s supermarket in Macclesfield, Cheshire, for £30.5m, reflecting a net initial yield of 5.0 per cent.
The 73,500-sq ft store is leased to Sainsbury’s for 29½ years at an initial rent of £22 per sq ft. Rent reviews are linked to the RPI and capped at 4 per cent pa and collared at 2 per cent pa.
Bryan Lewis of British Land said, "We are delighted with the acquisition of this first class asset. Being the dominant foodstore in the town and supporting a large and affluent catchment, this acquisition should perform well for us. With a long secure income stream and high quality tenant this fits well into British Land’s existing supermarket portfolio.”
The property was acquired from private clients of Blandford Goldsmith. GL Hearn and NB Real Estate acted for British Land.
