Terrace Hill sells Virgin

Terrace Hill has sold a 47,000 sq ft (4,366 sq m) Virgin Active sports centre at Thundersley in Essex to Sun Life Unit Assurance for£6.6 million, reflecting a net initial yield of 6.65 per cent. Virgin Active is paying£464,000 a year under a 25-year lease from June last year. Terrace Hill director Ken Grundy said: 'This transaction is a reflection of the continuing demand from the market for well-let investments in key regional locations.'