A joint venture between Barnfield Construction and Real Estate Development Partnerships has sold a retail and residential scheme on Chorley New Road, Horwich, to Buzz Communications for £1.665m, reflecting a yield of 7%.
The neighbourhood shopping centre comprises 7,000 sq ft of retail space with a 20-space car park and three apartments. The four ground floor retail units are let to the Co-operative, Barnardos, Subway and Greenhalgh’s Craft Bakers on new leases of between 10 and 15 years, producing a rent roll of £120,000 a year. All the apartments are let.
Charles Murray, managing director of Regional Property Solutions, which acted for the purchaser, said: “Buzz Communications is continuing to invest in property and we have added this latest acquisition to our management of its North West portfolio.
“This acquisition reflects the growing popularity of local shops as opposed to the big supermarkets. The centre is well located and with a large housing estate opposite it is already proving to be a great success.”