The Wickes retail warehouse at Cribbs Causeway has been bought by a property fund investing on behalf of charities, faith organisations, and local authorities for £7.2m.
The freehold of the 24,100 sq ft building has been let to Wickes Building Supplies for a term of 25 years since 1991, generating an annual income of £554,000 per annum (£22.98 per sq ft) for previous owners the Cadbury Pension Fund.
The standalone store is on a 1.74-acre site close to other retailers including Toys R Us, Asda, TK Maxx and Tesco Homebase as well as The Mall at Cribbs Causeway.
The buyer is the COIF Charities Property Fund, which is managed by London-based CCLA, a provider of investment and property fund management services to The Church of England.
Bristol property agents Hartnell Taylor Cook advised the purchasers with Wilkinsons Williams advising the vendor.
