LondonMetric buys warehouse for £21.2m for let to Next
LondonMetric Property said it had bought a warehouse in Doncaster for £21.2m which will be let to fashion retailer Next for 13 years.
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The deal represented a net initial yield of 6.3%, the company said on Monday. Next will pay annual rent of £1.42m with fixed rental uplifts of 2.5%, increasing the purchase NIY to 7.1% within three years.
Separately, LondonMetric has sold an 18,000 sq ft office investment in Chiswick for £7.4m.