Published: Aug 30, 2022
Maven has completed the sale of Two: Inverkip Street, a substantial retail unit in Greenock, Scotland to Propshare Capital for £4.4 million. The sale has generated a 1.75x return for Maven Investor Partners.
The highly prominent retail premises, which extends to 41,600 ft2 and includes approximately 190 car parking spaces, is fully let to B&M Retail Limited until August 2032 providing a long-term income stream. The full site extends to 3.48 acres and is located in close proximity to the Oak Mall Shopping Centre and other retailers such as Primark, JD Sports and Boots.
Maven originally purchased the property in November 2019 and since then it has generated regular paid yield for investors. The sale to Propshare Capital, via its UK asset manager arm Inflection Real Estate limited, represents a strong return for investors following a three year hold period.
“The Greenock asset provided reliable income distributions throughout the hold period and we are pleased with the ultimate return delivered to Investors, on an exit ahead of schedule. The tenant has performed very well since the purchase and continued to trade strongly during a challenging time for many retailers."
Carolyn McEwan, Investment Manager at Maven