May 11 2011
Metric has completed the acquisitions of Milburn Road, Inverness and St Mary’s Road, Sheffield for an initial consideration of £9.2 million with a further £4.8 million committed to redeveloping the sites. At Inverness, Metric has acquired a 20,000 sq ft DFS store and adjoining site for £6.9 million and simultaneously agreed a new 20 year lease with DFS at an initial rental of £420,000 per annum and a new 15 year agreement for lease with Carpetright plc a rent of £215,000 per annum on the adjoining site which is to be developed at a cost of £1.5 million. At Sheffield, Metric has purchased the former Uno furniture store for £2.3 million and plans to invest a further £3.3 million refurbishing the existing accommodation and refiguring the space into a two units of 20,000 sq ft and 8,000 sq ft. DFS has exchanged contracts to pre-let the 20,000 sq ft refurbished unit on a 20 year lease at an initial rental of £375,000 per annum.
The full announcement can be found in the attached file.
Download