Lothbury Investment Management (LIM) has purchased off market the 65,000 sq ft (6,040 m2) Congleton retail park in Cheshire for £16.4 mln (€20 mln) at a net initial yield of 5.85%.

Lothbury Investment Management (LIM) has purchased off market the 65,000 sq ft (6,040 m2) Congleton retail park in Cheshire for £16.4 mln (€20 mln) at a net initial yield of 5.85%.

The freehold property is earmarked for Lothbury Property Trust. The vendor is LondonMetric Property.

The park benefits from open A1 planning consent and generates a total rental income of £1 mln. It was originally developed in 2004, with a 2007 extension, and comprises a terrace of 10 fully let units. Tenants include Marks & Spencer, Boots, Halfords, Laura Ashley, Brantano and Carphone Warehouse. The park also sits adjacent to a Tesco superstore.

'This new acquisition offers us very good options for rental growth while there is also potential for the development of a further two units, which we are exploring,' said Mike Toft, senior fund manager and director of LIM.

Long term, LIM say they will hold and develop this new asset and generate rental growth.

LIM were advised by Morgan Williams. LondonMetric were advised by Savills.