Orchard Street Buys UK Properties
Orchard Street Investment Management, a specialist commercial property investment manager, has announced two UK acquisitions totalling £69.46 million (€86.1 million).
Tesco Extra in Wembley, bought on behalf of a client of Orchard Street for £61.86 million (€76.7 million), was acquired from a joint venture between British Land and Tesco. The purpose built Tesco Extra comprises 11,350 square metres and includes a 781-space car park and stand-along petrol station and is conveniently located close to Wembley Stadium, immediately adjacent to the A406 North Circular and Ikea. The site will continue to be leased to Tesco Stores for a further 23 years, subject to five-yearly rent reviews, with a current rental income of £3.6 million (€4.5 million) per year.
Following the acquisition