A Sainsbury’s-anchored retail park in Wakefield has sold for £37.5 million in a deal reflecting a yield of 6.3% for Aberdeen Standard.
The 66,000 sq ft Sainsbury’s store at Beck Retail Park, acquired by Palmer Capital, is let on an unexpired lease term of 19 years and accounts for just under 50% of the income.
Other tenants include: B&M Bargains, Home Bargains, Matalan and The Range.
Charles Allen, Acquisitions Director at Palmer Capital, said: “The long unexpired Sainsbury’s lease duration, combined with a strong complementary retail mix, trading off recently rebased rental levels, creates the ideal backdrop for generating sustainable and progressive income returns.”
He added that the firm is now on the lookout for similar deals.