Edward's & Co advised Buccleuch Property in the purchase of popular Convenience Retail Parade in Horwich
Edward's & Co advised Buccleuch Living Heritage Trust in the acquisition of a prime suburban retail parade fronting Chorley New Road in Horwich, Bolton. The modern parade fronts a busy arterial route into Bolton and is surrounded by residential. Anchored by Co Operative Group Food, the parade is also let to Barnardos, Greenhalghs and Subway, whilst the upper floors comprise residential units.
The property was acquired by Edwards & Co on behalf of Buccleuch for a price of £1,930,000, reflecting 6% Net Initial Yield. Metis Real Estate advised the vendor.
Philip Eves, Director at Buccleuch Property, commented "We are delighted to have completed the purchase of this convenience retail parade. We are in part refocusing our acquisition strategy towards out of town retail opportunities with strong tenant demand and robust footfall. We believe these investments represent excellent value in the current market conditions and we intend to purchase more properties of this nature over the coming 12 months."
Martin Hamer, Investment Director at Edwards & Co, commented "Edwards & Co are pleased to have acquired this property in what is currently a very challenging market for investors to acquire good quality income streams. This is a key asset in the local retail provision, with the anchor tenant having remained open throughout the recent lockdown periods, and all tenants having been resilient traders throughout the Covid-19 pandemic. Considering the location and local demographics, we believe this will be a strong future performer."