Isis Property has paid Pillar Property£28 million for two adjoining retail warehouse units in Guildford, totalling 4,640 sq m. The purchase price reflects an equivalent yield of 6 per cent.
The larger unit, at 3,465 sq m, is leased to B&Q on a 25-year lease expiring in 2015 at a passing rent of£969,800 a year.
Comet occupies 1,175 sq m on a 25-year lease, expiring in 2015 at a passing rent of£282,460 a year.
A deal has already been agreed for Comet to assign its lease to B&Q for expansion space, while the electricals retailer relocates to the adjacent Ladymead retail park.
Isis Property, advised by Jones Lang LaSalle, acted for Sun Alliance and London Assurance Co. Smith Price and Wilkinson Williams represented Pillar.