Supermarket Income REIT PLC buys Wisbech Morrisons store for £30mln
Built in the 1980s, the supermarket was refurbished and extended in 2011 to cover 37,000 square feet
() said it has bought a Morrisons store in Wisbech, Cambridgeshire, from Aberdeen Standard Investments for £30mln.
The total amount paid (excluding acquisition costs) represents a combined net initial yield of 5.0%.
Built in the 1980s, the supermarket was refurbished and extended in 2011 to cover 37,000 square feet.
It comes with a new 26-year lease – with a tenant break option at 20 years – and is subject to five yearly, upwards only, retail price-linked rent reviews (capped at 3% cap and with a 1.5% floor).
The store forms a key part of Morrisons’ online grocery fulfilment network.
The prominent nine-acre includes two adjoining units with 36,000 square feet of net sales area let to B&Q and B&M with a weighted unexpired lease term of eight years.
In a statement, Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, said: “This modern store is a great addition to our growing portfolio of omnichannel stores. The property has strong underlying fundamentals with an attractive lease term providing inflation-linked income in excess of 20 years.”
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