Sainsbury’s Local in Leeds bought for £1.44m

Ryden, the commercial property consultancy, has has purchased the newly developed Sainsbury’s Local store in Menston, Leeds on behalf of Kingston Unity Friendly Society.

The retail unit was sold on a forward commitment basis for £1.44m, reflecting a net initial yield of 5.2%.

AWS advised the seller, Leeds-based developer Gregory Property Group.

The purchase comprises a 4,000 sq ft purpose built retail store in a location fronting the A65 arterial route from Leeds to Menston.

The building was pre-let to Sainsbury’s Supermarkets Ltd on a 15-year lease, without break with fixed uplifts, and a commencing rent reflecting £19.05 per sq ft.

Kevin Surplice of AWS commented: “The scheme provides high quality convenience store facilities in a very popular residential location let to a first class covenant.

“The investment was sold on a forward commitment basis off an aggressive net initial yield, reflecting the highly competitive investment market for high quality properties.”

Matthew Edwards of Ryden added: “We are pleased to secure this new build investment which has good security of income and an attractive yield on behalf of our client.”

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