UK - UBS Global Asset Management's Triton Property Fund has bought a pre-let office and warehouse distribution development at Ashton-Under Lyne, near Manchester, for £23.8m.
The purchase price reflects a net initial yield of approximately 6.75%.The 17.3 acre site, which has been bought from Stayley Developments and Amec Developments, has been pre-let to Office Depot International (UK) on a 20-year lease without breaks and with five-yearly upwards-only rent reviews.
The rental income, on completion of the development in March 2005, will be £1.64m per annum.
Ayles Heath Buchanan Neve acted for UBS while King Sturge represented Amec.
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