A new Marks & Spencer food store in North Ayrshire has changed hands as part of a multi-million-pound property investment transaction.
Stock market-listed LXi REIT, which is one of several quoted real estate investment trusts, said it had exchanged contracts to purchase the M&S Simply Food store in Largs and an MKM trade unit, for a combined £9.44 million, from separate developers.
The fund is acquiring the food store by means of a pre-let forward funding transaction. The property, which will cover some 13,450 square feet, has been fully pre-let to high street stalwart M&S on a new, unbroken 15-year lease.
In November 2021, it was announced that Marks & Spencer had partnered with Westquarter Developments for a major retail development on the site of the existing Pearson Suzuki showroom and repairs business and Stewarts Associates in 123-125 Main Street.
Meanwhile, the trade unit, comprising 15,250 sq ft, is a builders’ merchant facility constructed this year and fully let to MKM Building Supplies on a long lease.
LXi REIT has been active in Scotland in recent months. In February, the firm said it had acquired a major Dundee office building, extending to some 77,000 square feet, by means of a pre-let forward funding.
The property has been fully pre-let to BT Group on a 17.5-year lease. It will house BT's critical infrastructure to handle emergency 999 telephone calls.
The real estate investment trust will receive a cash-backed income from the developer during the construction period in line with the purchase yield.
Bowman Rebecchi is currently marketing the site adjacent to the new M&S at 144 Main Street.
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