AXA sells out of Notts property for £4.695m

AXA, advised by Edgerley Simpson Howe LLP, have sold the Mecca Bingo and Home Bargains on Queens Road, Beeston, Nottingham

AXA, advised by Edgerley Simpson Howe LLP, have sold the Mecca Bingo and Home Bargains on Queens Road, Beeston, Nottingham to First Property for £4,695,000. The price reflects a net initial yield of 7.25%. The scheme comprises approximately 40,000 sq ft let at rents of £8.43 and £9.14 per sq ft with lease expiries in 2023 and 2025. Mecca Bingo has a fixed uplift in 2013. Home Bargains has a tenant break option in 2020. Jamie Naughton comments “This was a non core asset for the fund and made sense to sell at a competitive price. This sale demonstrates the continuing demand for retail warehousing from a diverse range of buyers”.