Retail acquisitions completed for retained investment client
Naylors’ investment team has completed the acquisition of four retail properties on behalf of London-based niche retail investor, MNB Properties.
The shops in Lincolnshire, West Yorkshire, Norfolk, and Workington are fully let to a range of tenants including Barclays and Greggs, with several incorporating upper floor residential accommodation.
Naylors, which is a member of PAI (Property Agents Independent), a national network of commercial property consultants, worked with fellow member, Birmingham-based Burley Browne, who were appointed to sell three of the properties.
As a network of 27 member firms, PAI provide clients with national coverage and currently has a combined stock of over 3,000 properties on the market.
In 2017, Naylors also sold a retail property at Newgate Street in Bishop Auckland to MNB, which was let on a fifteen year lease to the bookmaker Coral.
Fergus Laird, head of investment at Naylors said: “The shops we have acquired for MNB Properties provide excellent prospects for long term income whilst offering a number of opportunities to enhance values. As a member of the PAI network we are able to identify such opportunities and work with our partners to facilitate a successful transaction for all parties. We are delighted to be fully retained by MNB Properties and are actively looking for further retail premises across the UK.”
Mathew Berger, director of MNB Properties added: “We are very pleased to have concluded these transactions which are typical of our acquisition profile. As a niche operator we are able to make instant decisions and we regularly purchase properties which traditional investment companies would not consider due to their risk profile. We aim to add value to our purchases by refurbishing, re-gearing, letting or re-letting, or a combination of all three.’
Since its inception in 2013 MNB has purchased in excess of 50 properties across the UK, all of which have been upgraded and either sold with a long lease in place or retained within their portfolio.