Lunson Mitchenall secures double in Liverpool and Leeds

September 6, 2018

Local Retail Fund, advised by Waypoint Asset Management and managed by Schroder Real Estate, has acquired two district retail parades on Great Homer Street in Liverpool and Belgrave Retail Park in Stanningley, Leeds using investment agents Lunson Mitchenall as the acquiring agent.

The scheme on Great Homer Street was acquired for £5.1m reflecting a NIY of 7.0% from St Modwen, who completed the development of the block in 2018 as part of the £150 million redevelopment of the wider area. The Great Homer Street development is located approximately 1.5 miles north of Liverpool city centre on a major route into the city centre with an estimated 26,600 vehicles passing daily.

The property provides 20,000 sq ft of ground floor retail space, adjacent to the new 40,000 sq ft Sainsbury’s supermarket and 650 capacity car park. The parade was pre-let to tenants including Costa, Subway, Greggs, Card Factory, Domino’s and Betfred

This deal follows the purchase of Belgrave Retail Park in Stanningley, Leeds for £4.3m, reflecting a NIY of 6.75%. The park is prominently situated on one of Leeds’ main arterial routes and let to Home Bargains, Heron, Card Factory and Greggs. The scheme is adjacent to a new build 24,500 sq ft Lidl food store.

Commenting on the deals, James Cogavin, Director in the investment team at Lunson Mitchenall said: “These string of deals is testament to the strength of investor appetite for local convenience retail assets where rents are at an affordable level and let to strong covenants, particularly in light of uncertainty in the wider retail market in recent months.”

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These string of deals is testament to the strength of investor appetite for local convenience retail assets where rents are at an affordable level and let to strong covenants, particularly in light of uncertainty in the wider retail market in recent month
James Cogavin, Director, Lunson Mitchenall

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