Singapore-based investor buys Sainsbury’s store for £15.5m
CBRE Global Investors has sold the Sainsbury’s supermarket in Beckenham, South London for £15.5m, reflecting a net initial yield of 5.6 per cent. The purchaser was Odyssey Partners, a Singapore-based real estate advisory firm, acting on behalf of a private client.
The part freehold/ part long leasehold investment comprises a supermarket totalling 45,000 sq ft with 277 decked car parking spaces on a two-acre site in Beckenham town centre. The lease to Sainsbury’s has 6.5 years unexpired off a passing rent of £928,000pa, reflecting £18.75 per sq ft.
Andrew Bygrave, managing director for Odyssey Partners, said: “We are confident that the supermarket retail sector will remain robust in the year ahead as we look to continue to invest in this sector, whilst continuing our strategic investment programme in the UK.”
CBREGI was advised by Montagu Evans and Odyssey Partners by Hartnell Taylor Cook.