Asset management company Aviva Investors has confirmed the sale of The Range’s Truro site to property investor Ridge Hill Investments Ltd.
Based within the main retail warehousing hub of the Cornish city of Truro, between Threemilestone Retail Park and Treliske Retail Park, The Range’s 37,152sq ft unit sold for £7.25m, reflecting a net initial yield of 6.22% at the end of August.
Home and leisure retailer, The Range occupies the property for a rent of £481,227 per annum, with 15 years remaining on its current lease.
Andrew Coles, asset manager at Aviva Investors, said: “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. Aviva Investors was represented by international real estate adviser Savills.