Town Centre Securities, the Leeds-based property investment and development company, is selling retail properties at The Malthouse and Fisherton Street in Salisbury along with development property in West Yorkshire to retailer Sainsbury's for a total of EUR 42 mln. The deal represents a net initial yield of 5.2%.
Town Centre Securities, the Leeds-based property investment and development company, is selling retail properties at The Malthouse and Fisherton Street in Salisbury along with development property in West Yorkshire to retailer Sainsbury's for a total of EUR 42 mln. The deal represents a net initial yield of 5.2%.
The Malthouse retail scheme consists of a 4,180 m2 Sainsbury's supermarket, a fully let shopping precinct consisting of 26 retail units, a bar, apartments and car park. The Fisherton property consists of two retail units. The properties provide total rental income in excess of £1.5 mln.
'At a time of major uncertainty with respect to property values, we are pleased to have realised excellent value for this sale. The proceeds add to our firepower as and when we see good opportunities to add to our portfolio, particularly if, as we expect, the issues in property and financial markets result in distressed vendors having to sell property at lower prices,' said Edward Ziff, chairman and CEO of Town Centre Securities.
