News

Standard Life sell Sainsbury’s in Hythe

Price: £26.4 million Type: Investment Sale Status: Completed

Standard Life completed the sale of the Sainsbury’s foodstore in Hythe, Kent to clients of CBRE Global Investors for £26.4 million, reflecting a yield of 4.75%.

The site is located on Military Road and was historically occupied by the School of Musketry until the 1950’s. A new Sainsbury’s foodstore of 55,462 sq ft was constructed in 2011, which was acquired by Standard Life by way of a sale and leaseback.

The foodstore is let to Sainsbury’s Supermarkets Ltd for a further 22 years with annual rent reviews geared to RPI.