Fletcher Morgan have secured the sale of the investment of Co-op foodstore, Water Street, Penygroes, North Wales for £1.1m. The new store was completed in January 2019 and leased to the Co-op at a rental of £70,000 per annum.
Richard Ryan of Fletcher Morgan: “We are delighted to have assisted throughout the process utilising our strong occupier relationship in addition to our development and investment expertise to secure the sale”.
Josh Greenland, Managing Director of the Development commented: “The sale concludes our involvement from the initial identification of the site, the design concept, planning and procuring the delivery of a new store for the Co-op.
We would not have been able to deliver this scheme without the support of our team; Dewis Architecture, C4 Projects, ASR Projects and Harding Evans Solicitors as well as our funders Principality Commercial.”
Stephen Ryan of Principality Building Society: “We are pleased to have supported the developer on this successful project which maintains our strategy to assist on schemes across Wales.
Lee Randle of Mason Partners who acted on behalf of the Purchaser, BWSIPP Trustees Limited commented: “The investment provides our client with a long term secure income stream with the underlying knowledge the occupier trades well from the store.”