February 13, 2012
Moorgarth Ventures Ltd, advised by Edgerley Simpson Howe LLP, has sold Elms Retail Park, Elm High Road, Wisbech to Aberdeen Asset Management Ltd for £24.5 million, reflecting a net initial yield of 5.32%.
The property comprises a 48,571 sq ft foodstore occupied by Morrisons on a new 35 year lease (with break option at year 20), along with two retail warehouse units trading alongside let to B&Q and B&M with 8 and 10 years unexpired lease terms respectively.
Jamie Naughton, investment partner of Edgerley Simpson Howe, comments: ‘Our client has crystallised a profit on the scheme and the fact one of the main fund managers has bought it is of no surprise. With 70% of the income secured to Morrisons they are a preferred source of income at the current time for Institutions.’