Savills has acquired a supermarket unit let to Asda from Roxhill for Atlantic Property Developments. The property in Raunds, Northamptonshire was bought for £3.975 million, reflecting a net initial yield of 5%.
The supermarket is located on Warth Park, an established industrial and distribution location that is currently undergoing significant development and is home to occupiers including Indesit, Howdens and Dr Martins. The 14,532 sq ft (1,350 sq m) unit was pre-let to Asda on a new 20 year lease. The store is now open and trading.
Ross Griffin, investment director at Savills, Cardiff, comments: “We are pleased to have secured the Asda at Warth Park for our client. This was a rare opportunity for our client to acquire high quality foodstore in a location that benefits from a large catchment population by way of an off market transaction.”
Craig Davies of Atlantic comments: “We were delighted to have had the opportunity to acquire the Asda food store, it is a brand new high quality building in an excellent location with a long dated lease that fitted Atlantic’s investment rationale perfectly.”
CBRE advised Roxhill.
