Kitchen La Frenais Morgan acted for Olim Property Limited for the purchase of the above heritable property. The property is let to B&Q Plc for a term of 20 years from 5th September 2005 at a rent of £411,830 per annum. The rent is subject to upwards only rent review at the end of each fifth year of the term.
The property was acquired for £4,850,000 reflecting a net initial yield of 8%. This purchase reveals KLM’s broad knowledge base of retail, not only focusing on the high street and shopping centres but also out of town bulky goods.
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