Legal & General sells Sainsbury’s in Cheltenham for £60.4m

Property & Construction | South West

The specialist retail investment team at Colliers International has completed the sale of the Sainsbury’s, Tewkesbury Road, Cheltenham store, on behalf of Legal & General to Supermarket Income REIT.

The sale sees the 97,434 sq ft Sainsbury’s store and petrol filling station sold for £60.4m, reflecting a net initial yield (NIY) of 5.25%. The asset is let to Sainsbury’s Supermarkets Limited, expiring in June 2032, and generates a current passing rent of £3,338,216 per annum.

Tom Edson, head of out of town investment at Colliers International added: “We are pleased to have been able to see this sale through to fruition on behalf of our client Legal & General.

“Although this asset is a good example of a regionally important superstore, a combination of the over rent, short remaining lease term and an attractive offer from the purchaser made the opportunity too good for our client to pass up.”

Did you enjoy reading this content?  To get more great content like this subscribe to our magazine

Reader's Comments

Comments related to the current article

Leave a comment

Your email address will not be published. Required fields are marked *