GVA has secured the sale of a retail and leisure scheme in the heart of Stockton Heath near Warrington in Cheshire, on behalf of LPA Receivers.
Located on London Road in the centre of Stockton Heath, Victoria Buildings has been sold to Lumina Real Estate Capital (LREC) for £8.18m. The purchase reflects a net initial yield of approximately 6%.
The 33,039 sq ft scheme comprises 11 retail and leisure units across ground, first and second floors, with the first floor accommodation benefitting from external terraces. Providing a total annual rental income of £718,000, the scheme boasts tenants such as; Pizza Express, Toni & Guy, The Slug and Lettuce, Piccolino and Le Bistrot Pierre.
On the sale, David Winterbottom, Senior Director in GVA’s investment team, said: “Stockton Heath is an affluent area of Cheshire and Victoria Buildings has thrived as a retail and leisure destination for the village following an extensive refurbishment back in 2002. With its prominent positioning on the main road through the village and an established day and evening economy, there is great potential to further enhance the tenant line up to build on the success of the scheme over the coming years.”
LREC was advised by Capita. GVA acted on behalf of LPA Receivers.
