Property group British Land has sold the Beehive Centre, a retail centre comprising 16 units including an Asda supermarket, to Orchard Street Investment Management.
Orchard Street has paid £109.2m for the asset, which reflects a net initial yield of 5.25%.
The 238,000 square foot part (sq ft) open consented retail scheme was acquired by British Land in 1998, and is fully let at an average rent of £25 per sq ft with an average lease length of 14 years.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The park's entire original tenant line up was completely replaced during British Land's ownership.
JH
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
