Allsop’s National Investment and Commercial Auctions teams have sold a Co-operative Food Store Investment in Kirriemuir for £2.85M (NIY: 5.85%), on behalf of Threadneedle Property Unit Trust to a Private UK Investor.
The investment was sold using a private treaty campaign with an auction backstop, which provides certainty of sale with an intensive four week marketing period.
The property received strong interest from the outset, as the asset is a high quality Co-Operative Food Store having benefitted from a comprehensive refurbishment in 2018 to a new corporate format.
Kirriemuir in Scotland, has a large retail catchment area due to limited food store competition in surrounding towns and villages, which, combined with the recent refurbishment, gave investors confidence this is a successful trader in an increasingly popular transactional market for supermarkets.
The property received five offers during the initial marketing with the majority of these above the quoting terms. During the auction marketing period, further interest was generated from a variety of UK based Private Investors and Property Companies, with a high representation from Scottish based Private Investors, whom we have excellent access to, via our extensive mailing lists, market knowledge and client contacts
Allsop is uniquely placed to provide the Hybrid sales approach, combining a dedicated Private Treaty marketing campaign with the UK’s leading Commercial Auction house to generate real competitive tension amongst potential buyers and deliver the all-important best price for the client.
Tom Dales, Associate in the National Investment Team commented “Co-Op Kirriemuir is the latest addition to our growing tally of Food Store sales completed during lockdown, providing secure long income to an essential COVID-19 food retailer. The sale attracted a wide range of English and Scottish investors alike, whom we have un-rivalled access to through our unique Hybrid sales method”.
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