Lumina Real Estate Acquires Victoria Buildings Leisure And Retail Scheme At Stockton Heath, Cheshire

July 21, 2014

Lumina Real Estate Capital (LREC), a leading real estate investor and advisory company, has purchased Victoria Buildings in Stockton Heath, south of Warrington from LPA Receivers, for £8.18 million.

The purchase reflects a net initial yield of approximately 6% and a reversionary yield of 7.75% from letting of vacant space and fixed rental uplifts.

Victoria Buildings is situated on Grappenhall Road and London Road, and together with the adjacent 93 London Road, which is included within the sale, comprises 33,000 sq ft of leisure and retail accommodation arranged across 11 units, over ground, first and second floors.

The property is currently let to nine tenants, with two vacant units.  Existing occupiers include The Slug and Lettuce, Pizza Express, Piccolino, Le Bistrot Pierre and Toni & Guy, with a weighted average unexpired lease term in excess of 13 years.

James Armstrong, Investment Director at LREC commented: We were delighted to have secured and delivered this asset on behalf of Lumina’s Special Situations Fund II. The property provides a strong existing income stream, whilst also offering immediate opportunities for asset enhancement.”

Stockton Heath is an affluent district of Cheshire, benefitting from a strong daytime and thriving evening economy, focused on the leisure offer provided within Victoria Buildings.

At Stockton Heath LREC was advised by Capita and the vendor was represented by GVA.

 

–          Ends –

Latest News

NASH BOND PROMOTES TALENTED STAFF

October 17, 2021 - 11:40

Leading Central London retail and leisure property advisors Nash Bond have promoted Emma Strang, Lottie Newman and Matthew Peters to Director. In addition, they have promoted Alex Hughes to Associate [...]

+ Read More

CBRE IM BOOSTS F&B AND RETAIL OFFER AT HAMMERSMITH BROADWAY SHOPPING CENTRE

October 7, 2021 - 12:01

CBRE IM, advised by GCW and Nash Bond, have boosted the retail and leisure offering at Hammersmith Broadway Shopping Centre in west London with two new lettings. Joe & The Juice will open in 1,154[...]

+ Read More

IV REAL ESTATE SHAKES UP BRISTOL’S CORN STREET WITH LONDON COCKTAIL CLUB DEAL

September 27, 2021 - 08:39

IV Real Estate has secured its first letting at Gilbert House, a recently redeveloped 12,475 sq ft retail and office building at 37-39 Corn Street, Bristol. The London Cocktail Club will open its seco[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR