Blackpool buy boosts Breck’s portfolio
The investment firm aims to grow its portfolio to £25m in the next five years, after exceeding £13m with the acquisition of a Co-op supermarket on Warley Road, its director said.
Andy Garnett also revealed that Breck’s homes division is working on an application for 225 affordable homes in Lancashire and plans to submit an application in the coming weeks.
Breck Investments, which forms part of Breck Holdings, bought the Co-op store in Blackpool off-market for £750,000 from an unnamed private property company.
The building was constructed in 2014 by Key Worker Homes and is let to the Co-op on Warley Road a 20-year lease. Breck was advised by Inghams Solicitors.
Garnett said: “This acquisition is particularly pleasing for us. We like the Co-op as a tenant, having constructed a new store for the Co-op Group Food at Catterall in Lancashire.
“We completed the transaction out of our cash reserves, which meant we could swiftly move through the buying process without the need for lengthy discussions with lenders.”
The deal is one of several completed by Blackpool-based Breck in the last month, including the acquisition of a 65,000 sq ft industrial unit in Burnley.