Ashworth Investments acquires Windermere retail

An 8,500 sq ft Sainsbury’s Local, marketed at £3m, has been purchased by the North East investor.

Mason Owen represented the vendor, with Naylors Gavin Black working for Ashworth Investments Management. Peill and Co in Kendal worked with NGB, while Mincoffs handled legals for the buyer.

A deal at the asking price of £3m would reflect a net initial yield of 5.48%.

Place North West understands that one of the key figures at Ashworth is the co-founder of the End fashion retailer Christiaan Ashworth.

Located on Main Road, Windermere, the store is one of just three foodstores in the Lake District tourist hotspot.

Partner Fergus Laird brokered the deal for NGB, making the property the latest addition to Ashworth Investments Management’s expanding commercial property portfolio.

Sainsbury’s has recently signed a 15-year unbroken lease with RPI rent reviews for the store. The rental brings in £375,000 per year.

Laird said: “Investments like this are incredibly rare in the Lake District and this opportunity has the sought-after benefit of a car park and trades seven days a week.

“This is the third investment we have secured for Ashworth IM, who have been very active in the market recently.”