LaSalle Investment Management have sold the Wickes in Bury to First Property Group.
The property comprises a standalone retail warehouse unit totalling 28,460 sq ft and has an open A1 (including food) planning consent. The unit is let to Wickes Building Supplies Limited on a 20 year lease from 22 December 2015 with a tenant break option at the 10th anniversary. The current rent is £334,405 per annum, equating to £11.75 per sq ft.
The freehold investment was sold for £4.485 million, reflecting a net initial yield of 7.00%.
LaSalle Investment Management were advised by Wilkinson Williams.
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