Prime Stockton Heath block changes hands

Lumina Real Estate Capital has paid £8.18m to buy Victoria Buildings in Stockton Heath, an affluent suburb of Warrington from LPA Receivers.

The purchase reflects a net initial yield of approximately 6% and a reversionary yield of 7.75% from letting of vacant space and fixed rental uplifts.

Victoria Buildings is situated on Grappenhall Road and London Road, and together with the adjacent 93 London Road, which is included within the sale, comprises 33,000 sq ft of leisure and retail accommodation arranged across 11 units, over ground, first and second floors.

The property is currently let to nine tenants, with two vacant units. Existing occupiers include The Slug and Lettuce, Pizza Express, Piccolino, Le Bistrot Pierre and Toni & Guy, with a weighted average unexpired lease term in excess of 13 years.

LREC was advised by Capita and the vendor was represented by GVA on the deal.