CBRE Global Investors has bought a food store in Putney, west London, for £23.1 mln (€28 mln) on behalf of a client.

CBRE Global Investors has bought a food store in Putney, west London, for £23.1 mln (€28 mln) on behalf of a client.

The price reflects a net initial yield of 3.7%.

The 3,000 m2 site at 2-6 Werter Road is let to supermarket Sainsbury’s for 21 years, with annual inflation-linked reviews.

‘This particular Sainsbury’s is a strong performer and with the attractive lease length, strong covenant and the annual RPI linked reviews, this will provide secure income and solid returns for our client,’ said Michael Ness, head of CBRE GI in the UK.

Paul McNair of Fineman Ross said the competition for the site, ‘is reflective of strong investor appetite for quality assets in prime locations.’

Fineman Ross acted for CBRE Global Investors. Chapman Petrie represented the vendor.