British Land’s joint venture with Sainsbury’s has sold the freehold and long leasehold interest in a Sainsbury’s store in Beckenham, SE 20, for £16.5m.
The sale, to a private client of CBRE Global Investors, represents a 5.1% net initial yield.
The 45,000 sq ft store was constructed in 1984 for Sainsbury’s and is arranged over the ground, first and second floor, with 283 car park spaces on the two upper levels.
British Land is one of the largest owners of supermarkets outside the retailers themselves with £2.5bn under management. Its share stands at £1.3bn.
Jones Lang LaSalle acted for British Land; Rapleys advised CBRE Global Investors.
