Town Centre sells to Sainsbury’s

YORKSHIRE-BASED Town Centre Securities has sold almost £30m of property to supermarket group Sainsbury's.

The Leeds firm has sold retail properties at The Malthouse and Fisherton Street in Salisbury along with development property in West Yorkshire to the group for £29.9m before disposal costs, representing a 5.2% yield.

The Maltings retail scheme comprises a 45,000 sq ft Sainsbury's supermarket together with a fully let shopping precinct consisting of 26 retail units,

public house, residential apartments and car park. 30-34 Fisherton Street consists of two retail units of 21,000 sq ft. The properties provide total

rental income in excess of £1.5m.

Edward Ziff, chairman and chief executive of Town Centre Securities said: “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.”