Standard Life completed the sale of the Sainsbury’s foodstore in Hythe, to clients of CBRE Global Investors
Standard Life completed the sale of the Sainsbury’s foodstore in Hythe, Kent to clients of CBRE Global Investors for £26.4 million, reflecting a yield of 4.75%.
The site is located on Military Road and was historically occupied by the School of Musketry until the 1950’s. A new Sainsbury’s foodstore of 55,462 sq ft was constructed in 2011, which was acquired by Standard Life by way of a sale and leaseback.The foodstore is let to Sainsbury’s Supermarkets Ltd for a further 22 years with annual rent reviews geared to RPI.
