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Ace Liberty & Stone PLC on Friday said it has bought a service station in Melton Mowbray in a deal worth £2.7 million.
The London-based property investment company said it has completed the acquisition of Egerton Park service station, Leicester Road, Melton Mowbray, following exchange on April 19. Ace Liberty paid £2.7 million for the property.
The property comprises a BP PLC branded forecourt with a Marks & Spencer Group PLC branded convenience store.
Ace Liberty noted that there is over ten years remaining on the lease, which expires in September 2033. The current annual rental income is £181,025 with a fixed increase to £204,814 in September.
This acquisition follows the previously announced purchase of Loders Service Station, The Grove, Dorchester, which completed on February 1.
Chief Executive Ismail Ghandour said: ‘The acquisition of Melton Mowbray and Dorchester further strengthens our portfolio and is consistent with our strategy of developing a diverse portfolio of assets with long-term secure income.’
Shares in Ace Liberty were quoted at 57.50 pence each on AQSE in London on Friday morning, having last traded at 65.00p each on June 15.
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