British Land sells Macclesfield Sainsbury’s for £36m

 

British Land has sold a Sainsbury’s superstore in Macclesfield to Aviva Investors’ Lime Property Fund for £36m.

 

In an announcement today, BL said the sale represented a net initial yield of 4.4%.

 

The 73,500 sq ft superstore is leased to Sainsbury’s for 28.5 years at a passing rent of £22.90 per sq ft with annual RPI linked increases capped at 4% pa with a minimum increase of 2% pa. 

 

Charles Maudsley, British Land‘s head of retail, said: “We are delighted to have agreed the sale of Sainsbury’s Macclesfield superstore at a value which reflects the significant yield compression in this sector over the last year.

 

“The store is the dominant food store in the town, has an affluent catchment area, and will provide Aviva Investors with a long-term, high quality secure and growing income stream.”

 

GL Hearn represented British Land and Lewis & Partners represented Aviva.

 

nathan.cross@estatesgazette.com

 

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