Himor buys Bramhall shopping centre
COMMERCIAL property firm Himor Group has bought the Bramhall Village Square development in Stockport for £5.5m.
The Newton-le-Willows company, which is run by Will Ainscough, has bought the building from Everbeech, which is a wholly-owned subsidiary of Commercial Union Buildings. The price paid reflects a net initial yield of 10.8%, and Himor said it has “ambitious plans to reposition the asset through effective management”.
Current tenants are mainly independent local retailers although national retailers including Boots he Chemist and newsagents McColls and The Co-operative also have a presence.
Will Ainscough, managing director of HIMOR, said: “We were pleased to have secured this deal, which was completed off market and is the latest asset in our growing income producing portfolio.
“We recognised the potential that this scheme has to offer and as part of our long term strategy, we plan to undertake a number of improvements that will benefit the scheme and enhance it to complement the popular village in which it is situated.”
Meanwhile, Belgian investor Vabald Real Estate has bought a prime retail unit on Liverpool’s Church St in a £7.15m deal.
The property, 17-19 Church St, was sold by AXA Real Estate Investment Managers on behalf of Friends Life Assurance Society. The 9,500 sq ft unit is let to Vodafone until June 2019 and the sale reflects an initial yield of 5.75%.
Mason Owen acted for AXA Real Estate.
