Peveril and RED sell Little Lever Tesco
Peveril Securities and RED Partnerships have sold a 29,000 sq ft retail unit in Little Lever, Bolton, for £8.1m, a net initial yield of 5.1%.
Lincoln-based Limes Developments is the purchaser.
The site is in the centre of Little Lever and is a recent development by Peveril and RED on a three-acre brownfield site, which completed at the end of 2014. The contractor was Bowmer & Kirkland.
The store is let to Tesco on a 20-year lease, at an initial passing rent of £14/sq ft.
The scheme reinstated a public footpath crossing the site and linked a large residential area to the town centre.
Damian Flood, managing director of RED, said: "We are really pleased to have completed this key development in the heart of Little Lever. The scheme had had a mixed history but we are used to unpicking challenging situations. Tesco have been great to work with and their store delivery team have worked very well with our project team to deliver on time."
Tushingham Moore acted for Peveril Securities and RED, while Chase & Partners acted for Limes Developments.
