We are very pleased to announce a further acquisition this morning, a Morrisons supermarket in Wisbech, Cambridgeshire for a total consideration £30.0m.
The store was developed in the 1980's and was subsequently extended and refurbished by Morrisons in 2011
Nine acre site,
37,000 sq ft net sales area store,
26 year lease (with a tenant-only break option in year 20),
Five yearly, upwards only, RPI-linked rent reviews (subject to a 3.0% cap and a 1.5% floor).
Key part of Morrisons' online grocery fulfilment network providing both home delivery and click and collect to its local catchment.
Parking provision for over 500 vehicles
The acquisition includes two adjoining units comprising a 36,000 sq ft net sales area let to B&Q and B&M with a weighted unexpired lease term of eight years and subject to open market rent reviews,
Combined net initial yield of 5.0%.
Ben Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT, said:
"This modern store is a great addition to our growing portfolio of omnichannel stores. The property has strong underlying fundamentals with an attractive lease term providing inflation linked income in excess of 20 years."
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