Commercial Property News

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Wednesday, January 10, 2024

Liverpool Victoria sells The Boughton Centre, Chester

Liverpool Victoria Asset Management, advised by Edgerley Simpson Howe & Partners, has sold the freehold investment in the Boughton Centre, Chester to Kilmerlin Danesmount for 7.1m, reflecting a net initial yield of 4.1%.

The property is located 0.5 miles east of Chester city centre and comprises two retail warehouse buildings totalling 38,715 sq ft on a site of 2.3 acres. The scheme currently generates a total annual income of 313,500 pa (8.09 per sq ft/87.16 per sq m) and is let to 4 tenants: Maplin Electronics, Durham Pine, Glyn Webb Wallpapers and United Carpets. The current leases expire between 2008 and 2013.

Tony Rogers of Edgerley Simpson Howe & Partners comments "This is a well established retail development, providing good quality Open A1 retail space in an excellent location. With the current leases expiring over the course of the next few years, the property offers various opportunities for asset management."

Kilmerlin Danesmount Ltd is a joint venture between the Kilmartin Property Group and the fast expanding Merlin Danesmount Ltd. This is the second of a number of proposed acquisitions for the joint venture.

Andrew Scott of Merlin Danesmount says "This is a strategic acquisition, given the current Open A1 retail usage and its proximity to the central shopping area of Chester, the site lends itself to an extension of the retail space and the introduction of new office and residential accommodation."

Kilmerlin Danesmount Ltd was represented by Cheetham and Mortimer.