This week the Estates Gazette has reported a sale of John Lewis’s new distribution warehouse on Magna Park in Milton Keynes. The 675,000 sq ft prime development has been let to the national department store operator on a new 30 year lease at a rent of £5.75 per sq ft. Aviva Investors, who have traditionally been keen buyers of long secure income properties, have agreed a price of more than £70 million reflecting a net initial yield of 4.9%.

The sub 5% yield is reflective of the secure income to one of the UK’s best known and well-respected retailers. With Gilt Rates and UK Interest Rates at historically low levels, properties with secure incomes are popular with the institutional investors.



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