Morrisons store sold in investment deal

May 28, 2010

A joint venture between Anderson Harkins and Chartergate Ltd , advised by Stockford Staunton, have sold the freehold interest in Morrisons, Bridge Street, Dover for £17,260,000 reflecting a net initial yield of 5%. The property was acquired by a pension fund client of Colliers Capital UK Ltd advised by Edgerley Simpson Howe.

The unit is strategically located immediately to the north of the town centre, forming part of Castleton Retail Park, and comprises 51,530 sq ft of recently refurbished accommodation let for 35 years from April 2009 at a rent equating to £18.00 per sq ft.

Jo Duffield at ESH said: “This property represents an excellent investment opportunity in the current market given the strong characteristics it possesses, notably limited foodstore competition within Dover, excellent covenant, the level of rent and substantial term unexpired

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