CBRE, on behalf of (SWIP) Scottish Widows Investment Partnership, has completed the £11.05 million sale of a retail warehouse unit inNorth Londonto Aviva Investors. The price represents a net initial yield of 5.98%.
The property, which is located six miles north ofCentral Londonin the suburb of Tottenham, is occupied by Wickes Building Supplies Ltd on a 25-year lease (from October 29, 2004) at a current rent of circa £700,000 per annum.
The circa 40,000 square foot property comprises a retail warehouse unit and external compound. The property offers 101 car parking spaces within the freehold title and a further 47 car parking spaces within the car parking area owned by Wickes Properties Limited.
Anna Rule, Fund Manager at Aviva Investors, commented: “The acquisition secures a well let Open A1, including food, retail warehouse asset with good rental growth potential due to itsLondonlocation.”
SWIP is one of theUnited Kingdom’s largest asset management companies with £140 billion of funds under management. Cortex Partners acted for Aviva Investors.