In brief...: Phoenix sells unit for £14m

Oct 10 2008

The 30,605 sq ft retail unit occupied by Tesco at 80 Newcraighall Road, Edinburgh, has been sold by Phoenix Life Ltd for around £14million.

The sale, to a private client of Stockford Staunton, was handled by Resolution Asset Management, advised by Savills.

Tesco has taken a new 20-year lease on the property at £27.50 per sq ft which equates to an annual rent of £841,638 and will trade its first Tesco Homeplus concept in Scotland from the store.

Nick Penny, director at Savills, said: "This sale demonstrates that despite the current economic climate, there is still good demand for quality grade A investment products."