COIF Charities Property Fund c/o CCLA Investment Management Limited has purchased a retail warehouse investment for £7,220,000. The freehold investment is located in the heart of Bristol’s primary out of town retail centre, Cribbs Causeway.
The prominent freehold store is let to Wickes Building Supplies Limited for a term of 25 years from 1991, generating an annual income of £554,000 per annum (£22.98 per sq ft). The standalone store of 24,107 sq ft is set in a site extending to some 1.74 acres providing ample parking and low site coverage.
Nearby occupiers include Toys R Us, Asda, TK Maxx, Hobbycraft, Carpetright, Tesco Homebase as well as the established out of town shopping centre, The Mall at Cribbs Caueseway.
The freehold interest has been sold by the Cadbury Pension Fund, c/o CBRE Global Investors and reflects a yield of 7.2%.
Hartnell Taylor Cook LLP advised the purchasers and Wilkinsons Williams advised the vendor.