Standard Life have completed the sale of the Morrisons foodstore in Harrow to Investra for £28.4 million which reflects a net initial yield of 5.5%.
The property is a purpose built foodstore fitted to Morrisons’ specifications, with six levels of flats above which have been sold off on a single long lease.
The Morrisons comprises a total of 65,605 sq ft and includes a double-height café. There is dedicated customer parking for 212 cars.
The foodstore is let to Wm Morrison Supermarkets Plc on FRI terms from 5th February 2013 for a term of 25 years. Including a top-up from the vendor, the property produces a current rent of £1,670,085 per annum. The rent is reviewed 5 yearly upwards only to 2.5% pa compound.