Wiltshire store is sold in £9.6m property deal
A property investment firm has sold a supermarket in Wiltshire for just under £10m.
The sale of the Waitrose supermarket in Malmesbury was part of series of deals agreed by LondonMetric Property.
The four long income and retail asset deals were worth a total of £16.9m.
The largest asset was the 27,000 sq ft Waitrose store in Malmesbury which has been sold for £9.6 million, reflecting an annual yield of 4.66 per cent.
Acquired from Waitrose as part of a sale & leaseback portfolio of five stores in June 2020, the length of the deal is 17 years.
The remaining assets comprise 47,000 sq ft of high street retail in Sunningdale and Rayleigh which have been sold for £7.3m.
The three properties total 15 units and have leases of four years and were acquired by LondonMetric as part of an acquisition in August 2023.
Andrew Jones, chief executive of LondonMetric, said: “Following completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets.
“We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100 per cent of our drawn debt hedged. We expect to announce further sales shortly.”
LondonMetric is a FTSE 250 REIT that owns one of the UK’s leading listed logistics platforms alongside a diversified long income portfolio, with 18 million sq ft under management.
