Isis pounces on Homebase unit in £14m deal

Isis Property has bought a 42,000 sq ft (3,900 sq m) Homebase store in Sutton Coldfield, West Midlands from Legal & General for£13.7 million, reflecting an initial yield of 5.3 per cent.

The standalone unit and garden centre, is let to Homebase on a 25 year lease at a rent of£768,095 a year.

Isis Property head of out of town retail George Cotton said: 'We anticipate a strong level of rental growth because the unit is well located, serves a wealthy catchment and trades very well.'

Isis Property, advised by Jones Lang LaSalle, acted for the Friends Provident Life Assurance Commercial Fund. CB Richard Ellis represented Legal & General.