Acquisition

10 Dec 2009 07:00

To: RNS

From: IRP Property Investments Limited

Date: 9 December 2009

IRP PROPERTY INVESTMENTS LIMITED

PURCHASE OF INVESTMENT PROPERTY

IRP Property Investments Limited, on 8 December 2009, purchased the freehold interest in  Churchill Way, Nelson, Lancashire for £5,276,000 reflecting a net initial yield to the Company of 7.0%. The property is a retail warehouse building situated on a prominent position adjacent to junction 12 of the M65 motorway, on the outskirts of Nelson. The property comprises a retail warehouse built c.1988, extending to 37,188 sq ft, together with ancillary garden centre area of 8,500 sq ft. There are 225 car spaces, providing a good car parking ratio of 1:165 sq ft.

The entire property is let to B&Q plc for a further 13.5 years on a full repairing and insuring lease, with five year upward only rent reviews. The current rent is £390,474 per annum, which equates to £10.50 psf. The next review is in June 2013.

All Enquiries:

Tel: 01481 745001