Aberdeen Asset Management buy in Kings Hill

Aberdeen Asset Management has bought a newly built Waitrose in Kings Hill, Kent, on behalf of one of its institutional property funds.

The unit was bought from a private development company for £3.16m – a 4.85% net initial yield.

Waitrose has let the 9,000 sq ft unit at a rent of £162,000 per annum on a new lease of 15 years.

Aberdeen was advised by Edgerley Simpson Howe; the vendor was advised by Strutt & Parker.

Jamie Naughton, partner at ESH, said: “This is a quality asset in an affluent south east demographic which benefits from geared reviews providing guaranteed performance.”