CB Richard Ellis Investors, the global real estate investment management firm, announced today the purchase of a Lidl Food Store, Bridge Street, Pinner, London for £7.07 million (approx. 7.8 mln.)
The purchase of this 37,645 ft² (approx. 3,500 m²) food store represents a net initial yield of 4.15% per annum with immediate reversion on the settlement of the outstanding rent review to above 5% per annum. The property has 74 years unexpired on the lease with a large rear service yard and four-story car park for customer use.
Commenting today, Michael Ness, Senior Director, UK Managed Accounts Group said: 'We are very pleased to announce the purchase of this supermarket, which includes a long lease to an excellent covenant in an affluent commuter town in North London. The supermarket sector is currently demonstrating good rental growth prospects'.
CBRE Investors purchased the property in an off-market deal from Hutch Investments (Pinner) Ltd, on behalf of R20. David Baroukh Associates LLP acted for CBRE Investors.
Source: Citigate Dewe Rogerson