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Wickes with short lease achieves 7.2% NIY

COIF Charities Property Fund c/o CCLA Investment Management Limited has purchased a retail warehouse investment for £7,220,000.  The freehold investment is located in the heart of Bristol’s primary out of town retail centre, Cribbs Causeway.

The prominent freehold store is let to Wickes Building Supplies Limited for a term of 25 years from 1991, generating an annual income of £554,000 per annum (£22.98 per sq ft).  The standalone store of 24,107 sq ft is set in a site extending to some 1.74 acres providing ample parking and low site coverage.

Nearby occupiers include Toys R Us, Asda, TK Maxx, Hobbycraft, Carpetright, Tesco Homebase as well as the established out of town shopping centre, The Mall at Cribbs Causeway.

The freehold interest has been sold by the Cadbury Pension Fund, c/o CBRE Global Investors and reflects a yield of 7.2%.

Hartnell Taylor Cook LLP advised the purchasers and Wilkinsons Williams advised the vendor.

For further information please contact:

Paul Wilkinson

T: 020 7317 3799 M: 07770 585313
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