CBRE sells Essex supermarket investment
CBRE Investment Management has sold a long income, index-linked Aldi supermarket investment in Billericay, Essex, to State Street Investment Management.
The acquisition price was not disclosed, however the asset was previously marketed with an asking price of £8m, reflecting a net initial yield of 5.00%.
Formerly a Co-op store, the supermarket is let to Aldi until April 2045 and is set to open in November 2025.
Upon opening, the store will comprise a gross internal area of 19,267 sq ft and be supplemented by a 2,103 sq ft external canopy area and 146 car parking spaces.
The supermarket will generate a passing rent of £421,818 per annum, reflecting £20.76 per sq ft based on the proposed store reconfiguration. This is subject to 5-yearly RPI linked rent reviews.
Montagu Evans advised CBRE Investment Management. TW Keil acted for the purchaser.