Wilkinson Williams

We have been working with Metric Property Investments plc since their inceptionon both the investment and agency side and have acquired several properties on their behalf. We became aware of an opportunity to purchase the long leasehold interest in the Gorse Covert District Shopping Centre in Loughborough and approached Metric.

The property extends to a total of circa 51,200 sq ft GIA, the majority being occupied by a Morrisons foodstore. The entire property is let on an overriding lease to Morrisons, with circa eight years unexpired. The total passing rent on the supermarket equates to a rate of £17.00 per sq ft.

Metric Property Investments plc acquired the asset from a private investor based in the Republic of Ireland for a price of £16.8 million. The purchase reflects a net initial yield of 5.72%.