Aviva, advised by ESH, have purchased the Matalan and Aldi retail warehouses on Kingston Road, New Malden from a private vendor for £14,250,000 / 5.16% net initial yield.
The scheme comprises 37,534 sq ft and is let with an AWULT of 9.24 years at rents of £22.48 psf and £18.97 psf. The Aldi rent is subject to five yearly upward only rent reviews to RPI with a collar and cap at 1% pa and 2.5% pa respectively.
Both units benefit from an unrestricted open A1 planning consent that allows the sale of food.
Savills advised the vendors