Global real estate manager LaSalle Investment Management has completed the purchase of a Morrisons supermarket on Outland Road in Plymouth for £22.5 million. The property was acquired from an institutional investor on behalf of an existing UK Custom Account client, with property agency JLL advising LaSalle on the transaction.

The purpose-built store covers approximately 62,000 square feet of lettable space and is situated on a prominent six-acre plot along one of Plymouth’s main arterial routes. It is fully let to supermarket operator Morrisons, with 21 years remaining on the lease agreement. Rent reviews across the remaining period are linked to the Consumer Prices Index (CPI).

Analysis by LaSalle’s Strategy & Research team places the location in the top quartile nationally for store quality across all grocery chains. The site serves the largest exclusive supermarket catchment area in Plymouth and stands among the highest-performing Morrisons stores nationwide. Local economic activity and consumer spending are anticipated to gain further support from upcoming defence and infrastructure investments across the South West hub.

John Longworth, Portfolio Manager, UK Custom Accounts at LaSalle, said: “This acquisition adds long-term, inflation-linked income to our client’s portfolio at an attractive yield, whilst also being underpinned by a high-quality asset, dominant in its catchment and with strong underlying retailer trade. We continue to see compelling opportunities in the grocery sector, where established assets benefit from resilient consumer demand, limited new supply and strong trading fundamentals.”

Chris House, Senior Transactions Manager at LaSalle, added: “In a highly competitive market, sourcing high-quality grocery assets that combine secure income with attractive entry pricing is increasingly challenging. Plymouth’s resilient economic outlook, combined with the store’s extensive catchment, makes this supermarket a particularly compelling addition to our client’s portfolio.”

The deal aligns with LaSalle’s strategy of securing high-grade assets that offer steady, inflation-indexed returns alongside solid commercial fundamentals. Long-leased supermarket properties holding strong local market positions continue to see high institutional demand due to their defensive income characteristics.