This property, situated in what is known as the “Golden Triangle” for logistics and distribution real estate in the United Kingdom.
The Aldi and Home Bargains in Milngavie, Glasgow, was acquired for £11.70m on 17 December 2021 at an acquisition yield of 4.86%. The property comprises a recently refurbished, modern Aldi food-store and a Home Bargains retail warehouse totalling 36 997 sqft. The weighted average unexpired lease term is 13.5 years and the overall rental of £606 211 psft compares to the estimated market rental value (ERV) of £631 000 psft, which is favourably below market. Anchored by an index-linked Aldi food-store accounting for 57% of the total income, combined with a long income Home Bargains retail warehouse accounting for 43% of the income, this investment offers attractive real estate, covenant and lease metrics.
Milngavie, Glasgow
Food-store and retail warehouse
36 997 sqft
Aldi Stores Limited and T.J. Morris Limited (trading as Home Bargains)
Aldi 2 June 2039. Home Bargains 2 June 2034. WAULT 13.5 years.
4.86%
Fully repairing and insuring (ie tenant responsible for all operating costs).
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