Axa Sun Life Sells Birkenhead Retail Investment

March 7, 2011

AXA Sun Life, advised by Kitchen La Frenais Morgan, has sold the freehold investment of 221-225 Grange Street, Birkenhead, Merseyside to Napier Brown Holdings for £2.375 million, reflecting a net initial yield of 6.6%

The 22,075 sq ft three storey shop, has a ground floor sales area of 7,621 sq ft, and is let to Iceland Foods Limited on a lease expiring in 2024.  The property currently produces £175,000 a year.

Smith Price advised the purchaser.

-ends-

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