Property News - LxB Properties enhances investments with purchase of Chester park

LxB Properties, the new out-of-town vehicle set up by the former directors of Grantchester Holdings, with backing from Tom Hunter's West Coast Capital and Bank of Scotland, has paid£48.25 million for the 13,935 sq m Chester retail park in Chester.

The park has an open A1 consent and is let to nine tenants including JJB Sports, Homebase, Children's World, TK Maxx, Toys R Us, Aldi and Pizza Hut, producing£2.6 million a year in rent.

Chief executive Tim Walton said: 'This acquisition builds on the purchase of development sites and investments in Stirling and Durham and provides us with a number of redevelopment opportunities in a very strong location.'

Strutt & Parker acted for LxB Properties and ING Real Estate advised the vendor, Rolls Royce Pension Fund.