Jersey’s oldest and largest commercial property company has completed the sale of 7 Tower Road in Lowestoft, Suffolk.
Le Masurier successfully completed the sale to M7 Real Estate for a confidential price. The property comprises of a 36,657 square foot solus retail warehouse, occupied by B&M Retail. Morgan Williams and Blake Morgan advised Le Masurier on the sale.
The company's primary investment objective is to achieve long-term, secure, sustainable, well diversified and growing income for its shareholders. The group hold a substantial portfolio of real estate investments in the south of the UK.
Le Masurier are also undertaking various regeneration projects which collectively amount to nearly £200m worth of investment, including Merchants Square at Bath Street, plans for a major development on Broad Street and 5.5 acres at Heathrow.
Gavin Booth, Head of Group Property at Le Masurier, said: “We took the opportunity to sell our B&M property to benefit from increased investor appetite in the retail warehouse sector, which has produced good income for the Group throughout the holding period.
“The sale will allow us to reinvest in the UK, in line with our strategy of acquiring high quality core assets and funding opportunities in the Midlands and South of England.”
Brian McCarthy, Managing Director of Le Masurier, said: “The sale of this property, at above the valuation price, will enable us to continue our industrial forward funding opportunities in the south of the U,K where there is proven demand and limited supply.
“This will further our ambitious investment and development strategies, in Jersey, the UK and throughout continental Europe.”
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