Investment manager Orchard Street has bought the Woolley Edge motorway services station on the M1 in Yorkshire, northern England, for £35 mln (€44 mln).
Investment manager Orchard Street has bought the Woolley Edge motorway services station on the M1 in Yorkshire, northern England, for £35 mln (€44 mln).
The deal, which was done on behalf of St James’s Place Property Unit Trust, generates a net initial yield of 6.8%.
The 3,300 m2 site is let to MOTO Hospitality with 11 years left of a 25-year lease. The rent is £2.5 mln (€3.1 mln) per year and subject to RPI uplifts.
John Humberstone at Orchard Street said the asset already provides a strong index-linked income stream and also offers attractive long-term value prospects.
