Standard Life buys in Bury
Published: 15 April, 2010
Standard Life Investments Property Income Trust has bought a 41,280-sq ft retail warehouse in Bury, Greater Manchester for £5.3m.
The unit benefits from an open A1 non-food planning consent and is let to B&Q on a lease expiring in June 2022 at a current rent of £9.50 per sq ft. The purchase price of £5.3m represents a net initial yield of 7 per cent.
Fund manager Jason Baggaley, said: "The purchase provides further diversification for the company with exposure to a first class tenant on a property with prospects for rental growth in the future. It continues our policy of investing in quality assets where the income will enhance the revenue account, and represented a good opportunity to gain exposure to the retail warehouse sector."
