KLM Retail are delighted to have acted for Knight Frank Investment Management (KFIM) on behalf of the Lancashire County Pension Fund to buy the Booths food store in Lytham St Annes, Lancashire, for £9.1m, which reflects a net initial yield of 8%.
The property is an attractive, modern purpose-built food store, which opened in 2015 and has a 30 year unbroken term with CPI indexed rent reviews.
John Styles of KFIM said: “We are delighted to have secured this resilient asset at an attractive price at what we see as an opportune time in the investment market. It will provide an attractive and stable income return, alongside the asset enhancement opportunities we have identified.”
Please contact Will Andrews for further information.
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