Ace Liberty & Stone PLC Statement re Property Transaction (5300I)
27 Novembre 2018 - 8:02AM
UK Regulatory
TIDMALSP
RNS Number : 5300I
Ace Liberty & Stone PLC
27 November 2018
ACE LIBERTY AND STONE PLC
("Ace" or "the Company")
PURCHASE OF MECCA BINGO HALL IN THRIVING PEAK DISTRICT TOWN
STRENGTHENS REGIONAL PROPERTY PORTFOLIO
Ace Liberty and Stone Plc (NEX: ALSP), the active property
investment company, capitalising on commercial property investment
opportunities across the UK, is delighted to announce that it has
completed the purchase of Mecca Bingo Hall in Chesterfield for a
total consideration of GBP3,999,000; the asset is expected to
generate an income of GBP388,238 per annum.
The property, which is let to Mecca Bingo Ltd for the next 10
years, occupies a large site west of Chesterfield town centre and
is close to large blue chip consumer retailer Lidl. Other retail
warehouse occupiers within the vicinity include Wickes, Carpetright
and Matalan. Furthermore, the principal out of town Retail Park for
Chesterfield is situated close by on Ravenside Retail Park, where
retailers include Next, B&M, Asda Living and Currys.
Constructed in 1996, the building comprises 35,481 sq ft and Mecca
have been trading from the unit since 1997. The new 10 year re-gear
of the lease illustrates the strength of the unit's trading
performance and Mecca's commitment to the property.
Chesterfield benefits from lying on the edge of the Peak
District National Park, which attracts in excess of 10 million
visitors each year. Chesterfield has a population of 148,000 living
in a close five mile radius and a resident population of 190,000
people within a 15 minute drive time, it also has excellent
transport links to London.
Furthermore, Premier Inn is due to open a brand new hotel in
Chesterfield in January 2019. Situated in the Mock-Tudor former
department store and located firmly in the town centre, the hotel
will house 92 beds with the development more widely set to showcase
seven new bars and restaurants.
Ismail Ghandour, Chief Executive Officer, commented:
"Coming soon after the disposal of Hume House in Leeds, this
acquisition shows our proactive strategy in action. We are
continually seeking to locate new commercial properties with
excellent tenant covenants and healthy yields, which have the
potential for an increase in value through creative asset
management activity.
"While property in London can often be overvalued, we believe
there are more profitable opportunities in smaller, thriving towns
outside of the capital. Chesterfield is one such opportunity. This
property is especially attractive, given its location and
long-established well-known tenant. We are excited to add it to our
continually evolving portfolio."
- ends -
The Directors accept responsibility for this announcement.
For further information, please contact:
Ace Liberty & Stone Plc
Ivan Minter, Financial Director Tel: +44 (0) 20 7201 8340
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http://acelibertyandstone.com
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Alfred Henry Corporate Finance Ltd,
NEX Exchange Corporate Adviser
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Jon Isaacs / Nick Michaels Tel: +44 (0) 20 3772 0021
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www.alfredhenry.com
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Belvedere Communications Tel: +44 (0) 20 3687 2756
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John West
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Kim van Beeck
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Notes to Editors
Ace Liberty & Stone Plc is a property investment company
with a diverse portfolio of properties located across the UK,
currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead
and Barnstaple. The Company locates commercial and residential
properties which have the potential for an increase in value
through creative asset management activity, such as change of
tenancy, change of use or new lease negotiation. Ace has maintained
a track record of generating strong profits at disposal of
properties and achieving better-than average returns on capital.
With strong support from shareholders and mortgage lenders, the
Company is currently seeking further investment opportunities in
the UK to create value for existing and new investors.
Ace is run by a board with extensive property experience, an
excellent network of contacts and relevant professional
qualifications. This sector expertise has allowed the Board to
identify opportunities and act promptly to secure investments.
For more information on the Company please visit
www.acelibertyandstone.com
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END
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