Detailed planning consent was obtained for the construction of a new 8,000 sq. ft. unit. Construction was started on a speculative basis as we were confident of identifying a tenant prior to completion. Shortly after building work commenced, Iceland agreed to sign a 10-year lease, which completed in May 2018.
PURCHASE
The asset was acquired in November 2014 for £15.1m reflecting a net yield of 6.85%.
ACHIEVEMENTS
- Achieved planning consent for an 8,000 sq. ft. unit and let it to Iceland on a 10-year lease.
