Commercial Property News

British Land has added a commercial property site in Macclesfield to its real estate yield.

The firm has purchased a supermarket in the town for £30.5 million, giving it a net initial yield of 5%.

It is currently let out to Sainsbury's and British Land's Bryan Lewis said the company is delighted to have acquired a "first-class asset" in the area.

The building was purchased from private clients of Blandford Goldsmith and Mr Lewis noted that the business property "fits well into British Land's existing supermarket portfolio".

Sainsbury's has 29-and-a-half years remaining on its lease and currently pays an initial rent of £22 per sq ft for the 73,000 sq ft store.

Mr Lewis concluded by saying that the large catchment area for the store - which is the dominant one of its kind in Macclesfield - should mean the acquisition will perform well in the years to come.

Last month, British Land took control of Segro's 50% interest in developments at Surrey Quays Shopping Centre in Rotherhithe, London and the Clifton Moor Retail Park in York, both of which are run in a joint venture with Tesco.