Nelson Bakewell - Retail Sale - Taunton, Creechbarrow Road

Date: 12 Aug 2002

The Trustees of Morden College have exchanged unconditional contracts to sell their freehold interest in the above supermarket investment to clients of Matli Asset Management, a northwest based investment company. Completion is due on 6 September.

The freehold interest in the 12 acre site had the benefit of a long lease to Asda Stores Limited (a 5A1 rated company) with approximately 104 years unexpired. The current rent of £215,000 per annum exclusive was recently agreed at review by Nelson Bakewell, is based on 20% of open market rental value and is subject to five yearly rent reviews.

The contract price of £4,250,000 reflects a net initial yield of 4.78% after normal costs.

Nelson Bakewell represented the Trustees of Morden College, Donaldsons represented Matli Asset Management.

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