Picton goes shopping in Bury
PICTON, the property investment company, has bought the long leasehold interest in two retail warehouse units in Bury for nearly £4m.
The units, lets to Argos and Poundstrecher are located immediately adjacent to the company’s existing holding at Angouleme Way Retail Park.
The £3.9m purchase price reflects a net initial yield of 7.9%.
Picton said the 96-year leasehold interest comprises two units totalling 29,609 sq ft . Both are let to Argos and Poundstretcher for four years and generate a combined net income of £323,750 pa.
The units are located directly opposite the A58 arterial road and The Rock shopping and leisure scheme.
Chief executive Michael Morris said: “This is the first acquisition to complete, of several we have under consideration, since our recent fundraising. It also marks the consolidation of our ownership in Bury, where we now control all five units and expect to unlock further value through asset management initiatives.”
The real estate team at the North West offices of law firm DLA Piper advised Picton on the deal.
