Colliers International’s Retail Capital Markets team has sold a prominently positioned 81,336 sq ft Morrisons foodstore on the Edgware Road, Colindale, North West London, on behalf of Aberdeen Standard Investments, for £43 million to clients of Invesco Real Estate. This sale reflects a Net Initial Yield of 4.57%.
The modern store is arranged over ground and first floor and benefits from a strong trading location with large car parking provision and easy customer access.
James Watson, Head of Retail Capital Markets at Colliers International commented “This is one of the larger recent store investment transactions and the sale price indicates the strength of the foodstore market. As we highlighted in our latest Supermarket Investment Review, UK institutions doubled their year-on-year investment into supermarket property in 2017 and this deal is a prime example of continued positive sentiment in the market.”
Savills acted for the purchaser.