The Company has completed the sale of Knotty Ash, Liverpool, a leisure unit let to Mecca Bingo Limited until September 2022. The sale price was £2,915,000, which is in line with the 30 June 2019 valuation. Due to confidentiality the Company is unable to disclose who the purchaser is.
The lot size is well below the average lot size of the Company. We believe the sale proceeds can be reinvested in a way which is value accretive for investors, either by carrying out asset management on existing properties or acquiring a new building in line with the preferred lot size and investment strategy of the Company.