Acting on behalf of Local Retail Fund GP, Aiken Commercial and Waypoint Asset Management have acquired the freehold investment in 501 – 509 Wimborne Road, Bournemouth from a private client of London Clancy.
Local Retail Fund GP is an unlisted fund which Waypoint Asset Management manages on behalf of Schroder Property Investment Management, to invest in assets ranging from stand-alone convenience stores through to convenience store anchored neighbourhood parades. The latest acquisition on Wimborne Road was constructed 4 years ago and trades as a Sainsbury’s Local. The ground floor retail area was let on a 15 year lease to Sainsbury’s at £56,000pa.
14 flats on the upper floors were let on long leases producing additional income of £2,800pa. The investment was acquired at £835,000. Similar investments required.