Leeds’ Gregory Property sells Burnley warehouse for £4.7m
Leeds-based Gregory Property Group has sold its retail warehouse investment in central Burnley for £4.765 million, reflecting an initial net yield of 6.69%.
The 25,000 sq ft property at Ashfield Retail Centre is leased to Homebase Ltd at a rent of £337,500 per annum with over 15 years unexpired until May 2029.
The property has been bought by an unnamed retail fund.
Richard Tovey, director at Gregory Property Group, said: “We purchased the former car showroom site in 2005 when this area of Burnley was starting to see major regeneration and undertook the single unit development in late 2008.
“The location is now an established retail area with many of the major food and non-food operators close by.
“Also, the decision by Burnley College to locate on the adjoining site has further strengthened this part of the town.
“With no other DIY stores in Burnley, the investment will be an attractive asset for the purchaser.”
Advising Gregory, Graham Foxton, associate director at BNP Paribas Real Estate, commented: “This is a clear indication that investor appetite for well let secure investments has definitely improved during 2013, which created a competitive marketplace.
“The investment presented an opportunity to acquire a good quality asset with a relatively long unexpired term, which is well placed in the DIY retail warehouse sector.”
This was posted in Bdaily's Members' News section by Mark Lane .
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