HBD, the property investment and development arm of Henry Boot, has completed the sale of a Warminster supermarket and three adjoining retail units.
Anchored by Waitrose, the scheme was sold to an undisclosed UK real estate investment trust for £8.6 million. The sale reflects a net initial yield of 6.6 per cent.
Completed by HBD in 2012, the purpose-built 29,350 sq ft property is fully let and is located on a two-acre site on the edge of Warminster town centre.
Since completion, the property has been held within Henry Boot’s investment portfolio.
Waitrose accounts for 82 per cent of the property’s income, with the weighted average unexpired lease term 10.9 years (10.4 years to first break).
Tim Roberts, CEO at Henry Boot, said: “This disposal reflects the group’s focus on recycling capital from its investment portfolio, ensuring we remain well positioned to deploy capital to continue generating long term returns.
“We will continue to be patient in building back the value of the investment portfolio through high quality projects such as Origin, in line with our medium term target.”
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