LIVERPOOL law firm Brabners Chaffe Street has advised Princess Street Holdings on the sale of the Waitrose building in Princess Street in Knutsford, for £2.7m.
Associated British Foods Pensions Trustees has bought the building comprising 12,809 sq ft. The space is let to Waitrose on a 25-year lease.
The initial passing rent totals £140,000 per year, with fixed uplifts every five years.
Matthew Dobson, property partner at Brabners Chaffe Street, said: “This is a successful and desirable retail location, with a strong occupier profile, making it an attractive target for investors.”
The deal reflects a net initial yield of just under 5%.
Rob Millington, of Cheetham & Mortimer, also advised Princess Street Holdings.
Alun Jones, of Edwards & Co and Mayer Brown, acted for the purchaser.
