News Item
Birmingham based CALA Properties
net £9.1m in warehouse sale
02 Sep 2005
CALA Properties has sold a retail warehouse investment, in Banbury, Oxfordshire to a private Irish investor for £9.1 million.
The 37,000 sq ft warehouse, let to B&Q on a 35-year lease expiring in 2022, sits on a 2.5 acre site on Southam Road, Banbury. The sale represents an initial yield of below 5%.
The site was acquired in 2003 with joint venture partners, Bank of Scotland, Corporate.
Martin Lewis, CALA Properties Development Manager said, “The sale of the retail warehouse is part of our short term asset management strategy. Market conditions were right for us to sell at this time and having a long term tenant like B&Q made it attractive to buyers. Our approach to short and long term asset management gives us flexibility when conditions are favourable to open up other opportunities for investment.
In 2004, Stockdale-CALA, a joint venture between CALA Properties and Stockdale Land, sold its freehold interest in Banbury’s Cherwell Centre and a newly created development to the rear, for a sum in excess of £20million.
CBRE and Niall Beattie & Associates advised CALA Properties on the sale.
| PR CONTACTS FOR CALA PROPERTIES | |
CALA Group Limited tel: 0131 535 5200 |
Reay Public Relations Ltd. tel/fax: 01369 840042 |
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