F&C Buys Poole Staples and Comet sites

F&C Property Asset Management has bought two adjoining retail warehouses let to Staples and Comet close to the Wessex Gate Retail Park in Fleets Lane, Poole, for£11.6 million reflecting an equivalent yield of 5.9 per cent.

Office supplies company Staples has a unit size of 20,077 sq ft (1,865 sq m) at a rent of£332,800 per annum. Comet occupies the second unit of 16,000 sq ft (1,486 sq m) at a rent of£264,000 rent per annum. Both leases expire in 17 years time.

George Cotton, head of out of town retail at F&C Property, said: 'This investment is prominently located in the town's principal bulky goods retailing district and is complimented by many other multiple retailers in close proximity, including a B&Q Warehouse store.'

F&C Property, advised by Chase and Partners, acted for Friends Provident Life Assurance. Colliers CRE acted for the vendor Appold LLP, a joint venture between Deutsche Bank and Tufton Land.