Edgerley Simpson Howe - Retail Development - Newbury, Oxford Road

Date: 29 May 2003

A private client of Edgerley Simpson Howe & Partners has agreed terms to forward fund its 4,180 sq m (45,000 sq ft) supermarket development at Oxford Road, Newbury with Discovery Properties Limited for close to £13.5 million.

The retail unit is pre-let to Waitrose on a 25-year lease at a rent of £194 per sq m (£18 per sq ft) which equates to £81,000 pa.

Work has started on site and completion due in early 2004 when the investment will show a yield of 6%.

Tucker Harvey Associates acted on behalf of Discovery Properties.

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