British Land announces that it has bought a supermarket in Macclesfield for £30.5 million, reflecting a net initial yield of 5.0%.

The 73,500 square foot store is leased to J Sainsbury PLC for 29½ years at an initial rent of £22 per square foot. The lease benefits from an RPI linked increase, capped at 4% pa and with a minimum increase of 2% pa.

Bryan Lewis of British Land said, "We are delighted with the acquisition of this first class asset. Being the dominant foodstore in the town and supporting a large and affluent catchment, this acquisition should perform well for us. With a long secure income stream and high quality tenant this fits well into British Land’s existing supermarket portfolio.”

The property was acquired from private clients of Blandford Goldsmith. GL Hearn and NB Real Estate acted for British Land.

Enquiries:
Ed Simpkins, Finsbury Group - 020 7251 3801
Gordon Simpson, Finsbury Group