Acting on behalf of a key client, FPG (UK) LTD, Ryden’s Manchester office has advised on the acquisition of a modern, purpose built solus retail warehouse in Aintree, Liverpool let to Wickes Building Supplies for £5.9m.
The unit has recently been refurbished by Wickes to incorporate its latest trading facia, after the tenant committed to a new lease with a further 13.5 years unexpired. It provides approximately 26,250 sq ft of well specified accommodation and is extremely prominent on the A59 Ormskirk Road.
Ian Whittaker, Associate at Ryden, said:
“We are delighted to have advised FPG on this well let investment in the largest out of town retailing destination in Liverpool.
“Wickes offer a very secure covenant with a lengthy unexpired lease term and fixed index linked uplifts will ensure continued rental growth.
“This purchase complements our client’s portfolio perfectly and we look forward to identifying further opportunities for them in the future.”
An FPG statement added:
“We are delighted to add this well located, long let unit with the strong covenant of Wickes Building Supplies, to our growing portfolio.
“This acquisition was achieved based on our excellent reputation and clarity, together with our solid relationship with our bankers Barclays, who were more than happy to support us.
“It was a great pleasure working with Ryden and with the vendors who felt we were well positioned to carry out this transaction smoothly.”
We look forward to working with Ryden for future acquisitions, to put FPG (UK) LTD in the forefront of quality property investment acquisitions.”
FPG (UK) LTD was established in 2013 and we have built a significant property portfolio which mainly consists of retail parks, warehouses, showrooms and office buildings.
The company’s goal is to grow the portfolio to £100m over the next 5 years by adding quality blue-chip assets, backed by strong covenants.