Wilkinson Williams

Press Release

Mountgrange sell Wickes in Southampton

Acting on behalf of Mountgrange Investment Management, Wilkinson Williams sold the freehold interest in Wickes DIY Store on Winchester Road in Southampton to the Ignis UK Property Fund for a price of £11.702 million. The unit extends to approximately 47,587 sq ft GIA and is let to Wickes Building Supplies at an unexpired term of approximately 17 years. The current rent equates to £14.00 per sq ft, with a fixed uplift due in June 2012 to £16.22 per sq ft. The purchase price reflects a net initial yield of 6.25% on the basis that the vendor ‘tops up’ the current income to the fixed uplift figure.

For further information please contact Miles Marten

m.marten@wilkinsonwilliams.co.uk