Pension firm buys Hunslet supermarket in £31m deal
Yorkshire property developer and investor Opus North has sold a Morrisons Supermarket in Hunslet to Aviva Staff Pension Trustee Limited.
The transaction was completed for £31.3m, reflecting a net initial yield of 4.48%. Opus North acquired the asset in 2015 as part of a portfolio of assets from Morrisons and comprises an 80,000 sq ft foodstore let for a further 21.75 years with RPI linked rent reviews. The property sits within the Penny Hill district shopping centre of Leeds.
The fund has retained the remaining 22 shops and appointed Opus North to asset manage them, with plans to extend it by a further 10,000 sq ft having achieved planning approval.
Andrew Duncan at Opus North said: “We are very pleased with a sale at this level. We will continue with our improvements and asset management of the remaining centre and others within the portfolio.”
Palmer Capital and Opus North were advised by DWF.