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. Back

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