Wilkinson Williams

Press Release

Sainsbury's Etruria Road, Hanley

British Land have sold the Sainsbury’s foodstore in Hanley, Stoke on Trent, to Morley Fund Management for a price of £21 million. The property is let to Sainsbury’s for a term of 35 years from December 1989 at a current rent of £1,050,000 per annum (£14.39 per sq ft), with the next rent review due in December 2009. The purchase price equates to a net initial yield of 4.72% and a net equivalent yield of 5.31%.

GVA Grimley acted for the purchasers, with the vendors advised by Wilkinson Williams.

For further information please contact Paul Wilkinson

p.wilkinson@wilkinsonwilliams.co.uk

Or alternatively please contact James Honeyman

j.honeyman@wilkinsonwilliams.co.uk