Aviva Investors, represented by international real estate advisor Savills, has sold a retail warehouse let to The Range in Truro to Ridge Hill Investments Ltd for £7.25 million, reflecting a net initial yield of 6.22%.

The home, leisure and garden retailer occupies the unit, which compries 37,152 sq ft (3,451 sq m) of ground floor space and a 15,000 sq ft (1,393 sq m) mezzanine, for a rent of £481,227 per annum on a lease with 15 years unexpired.  The property is situated within the main retail warehousing hub of the Cornish city of Truro, between Threemilestone Retail Park and Treliske Retail Park.

Andrew Coles, asset manager at Aviva Investors, comments: “This sale is in line with our investment strategy and demonstrates the continued ‘post-Brexit’ appetite in the market for long term, secure income.” 

Ridge Hill Investments Ltd was represented by Strutt & Parker.