Wilkinson Williams

Press Release

Morley sells Focus in Newport

Morley Fund Management have sold the freehold interest in the Focus DIY store, Chartist Way, Newport, to a private Danish syndicate of investors for a price of £5.025 million. The property comprises 35,020 sq ft let to Focus for a term of 20 years from December 2005 at a rent of £300,000 per annum, equating to £8.57 per sq ft. The lease contains a fixed increase to £341,445 per annum (£9.75 per sq ft) in June 2009.

The purchase price reflects a net initial yield of 5.64% and a net equivalent yield of 6.32%.

Wilkinson Williams acted for Morley Fund Management.

For further information please contact Miles Marten

m.marten@wilkinsonwilliams.co.uk