East Midlands based property company, Bassi Properties Limited, have acquired the B&M retail unit investment on Stenson Road, Derby.
The acquisitive family company have secured a 10 year income stream from the strong value operator B&M as they continue to selectively add to their portfolio.
The 19,000 sq ft stand-alone retail unit is situated in the Normanton area of Derby city centre and the prominent unit occupies a well known position on Stenson Road.
Avinash Bassi, MD of Bassi Properties Limited commented: “B&M make a welcome addition to our ever-growing list of blue-chip tenants. Adding to the likes of our existing Aldi, Co-Ops & Sainsburys retail investments. We are always looking to expand our portfolio with similar investments, but strong covenants are an absolute must for us.”
Will Torr, Associate Partner of heb Surveyors who acted on behalf of the purchaser said: “The unbroken 10 year term certain to the well regarded covenant of B&M was bought for an undisclosed sum and reflects type of asset Bassi Properties are looking to add to their portfolio.
“With lack of supply of good quality single let assets available in the East Midlands, we were happy to secure this investment for Avinash and Bassi Properties Limited following a competitive bidding process.”
Christopher Dee acted on behalf of the seller and Cleggs Solicitors undertook the legal work for Bassi Properties Limited.