The investment team at Lunson Mitchenall recently acted on behalf of InfraRed Capital Partners Limited in its purchase of 1-7 Kay Gardens, Bury from Aviva. The busy parade was acquired for £1.6m reflecting 10% net initial yield sits adjacent to the clients’ existing holding Mill Gate Shopping Centre.
Comprising over 41,818 sq ft of retail space, major tenants include Store 21, Bon Marche and Heron Foods.
The news follows a successful year for the investment team who continue to work with a solid and impressive client base including Meyer Bergman, New Frontier, AEW, Aviva, M & G and Axa. Already well established for its work for UK shopping centres, the team is becoming increasingly involved in high street investment deals across the country.
Last year, the team acted on more than £1.2 billion worth of retail transactions. This year it has also facilitated deals in Preston, London, Middlesbrough, Burton, Kingston and Chelmsford.