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Grantchester Sells Three Schemes in Scotland

LONDON-Grantchester Holdings the specialist retail warehouse investor, has sold three smaller schemes in Scotland in order to concentrate on larger projects.

By Graham Parker | Updated on February 26, 2002

LONDON-Specialist retail warehouse investor Grantchester Holdings has sold three of its smaller Scottish schemes in Bearsden; Paisley and Airdrie for a total of £33.525 million ($47.8 million).

In the Glasgow suburb of Bearsden, Grantchester has sold a prime 77,500-sf supermarket £15 million ($21.5 million), reflecting a net initial yield of 6.8%. The property is let to Asda Wal-Mart on a lease expiring in June 2023. The passing rent of £1,024,100 ($1.46 million) per annum is based on £14.50 ($20.75) per sf for the supermarket space. The next rent review is due on 3 June 2003.

Grantchester was advised by Campbell & Company while the purchaser, Northern Ireland-based GWM Developments, was advised by Drivers Jonas and Osborne King.

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