Weston centre freehold sold for £5.6m by Alecta

The Swedish investment fund Alecta Pensionsforsakring Omsesdigt, managed by Aberdeen Property Investors, has sold the freehold of Units 1 & 2 at the Locking Castle district centre in Worle, Weston Super Mare, to Clerical Medical Investment Group for£5.6 million. The sale reflects a net initial yield of 5.9 per cent.

The scheme, adjacent to Safeway on Elmham Way, has an open A1 non-food planning consent. The two units, built in 2000, total 30,440 sq ft (2,830 sq m) and are leased to Matalan and Richleys until June 2025 at a rental of£350,000 a year.

FPDSavills advised Aberdeen Property Investors. Lewis Ellis & Partners advised Clerical Medical Investment Group.