LONDON, UK: LondonMetric Property has sold a grocery asset in Liverpool for £10.2 million, reflecting a NIY of 4.65%, a news release said.

The 29,000 sq ft asset was acquired in 2014 for £8.1 million and is let to M&S and Aldi. It generates a rent of £0.5 million p.a. and has a WAULT of 12.6 years.

The sale price is line with the 31 March 2021 book value and crystallises a 26% profit on cost and an ungeared IRR of 9%.

Andrew Jones, Chief Executive of LondonMetric, commented: “This asset was one of our first grocery acquisitions and has delivered a strong return. The sale demonstrates the strength of demand for long let income, particularly smaller format grocery.”

LondonMetric was advised by Fawcett Mead. The purchaser was advised by Morgan Williams.