DTZ Leeds, a UGL company has acted on the acquisition of a new Iceland supermarket at 255 Dewsbury Road in the Beeston area of Leeds.
A private property company has acquired the freehold interest in the new supermarket. DTZ acted for the purchaser who acquired the property which is subject to an unbroken lease to Iceland Foods Ltd of 15 years. The deal represents a net initial yield of 7%.
James Lawlor, Associate Director in DTZ’s investment team said: “The unbroken lease term of 15 years and strong tenant covenant provides a secure income stream from an occupier which we believe will trade well from its new location along Dewsbury Road. The deal represents good valuer for the purchaser, particularly given that unbroken 15 year lease terms are becoming ever more difficult to achieve in the smaller food store market.”
Tushingham Moore advised the vendor.
