Fund manager Aberdeen Standard Investments has acquired a Sainsbury's store in London from Eskmuir Properties for over £30 mln (€35 mln).
The property is situated at 8-12 Worple Road in Wimbledon, and is let entirely to Sainsbury’s on a full repairing and insuring lease expiring in 2042. The asset comprises both a purpose-built food store and office building with a total gross internal area of 51,804 ft2 (4,800 m2).
Paul Hodgson, managing director of Eskmuir, said: 'We received a lot of interest in 8-12 Worple Road from very reputable parties, as a result we secured an excellent return for our investors from a transaction which completed swiftly.
'The funds secured from the disposal of this asset will go towards growing our diversified portfolio of assets across the UK, concentrating on assets where we can increase value significantly through our stewardship and proactive asset management.'
Sainsbury’s has occupied the property for more than 30 years and has recently regeared the lease, demonstrating its commitment to the area. The site also benefits from its close proximity to Wimbledon National Rail and Underground Station, which it is proposed to be a major Crossrail 2 station.
The office building on the site, known as William House, provides two floors of self-contained office accommodation extending to 8,722 ft2, which is currently sub-let to Lidl.
Joiner Cummings acted on behalf of Aberdeen Standard Investments while Eskmuir Properties were represented by Lewis Ellis.
