GVA completes sale of new Morrisons supermarket
GVA has completed the sale of a new, 105,977 sq ft Morrisons supermarket in Birmingham to fund manager PRUPIM for £54m, reflecting a net yield of 4.5 per cent.
The sale – on behalf of Chase Midlands Estates- is based on practical completion of the store, which is scheduled to take place in October, with the supermarket expected to be open for trading early in 2013.
The 5.75 acre site is located in the Birmingham suburb of Sheldon, six miles from the city centre.
Damian Lloyd, director, national markets – investment at GVA, said: “In the current market, a deal of this size is extremely significant. Located within a high density mixed commercial and residential area, the local demographics – combined with convenient access – provides a substantial customer catchment of over 190,000 people within a ten minute drive time.
“As well as forming a key part of the continued development of Sheldon, this is a high income asset that will provide a high income yield. By taking this building now, PRUPIM has maximised its revenue generating capacity.”
Developed by Chase Midland Estates, the building comprises a purpose-built foodstore for WM Morrison Supermarkets together with some ancillary retail units and 473 surface car parking spaces.
GVA’s investment team advised Chase Midland Estates during the sale, with Savills acting for PRUPIM.
