NewRiver Retail Limited, the UK REIT specialising in the UK food and value sector, has bought Lower Audley Street Retail Park in Blackburn – home to Burger King, Chiquitos and Frankie & Benny’s - for £14.6m.

It now plans to boost the retail offer – including through restaurant pods.

The move was part of an £18.26m spending spree for the company, which also bought retail units Sealand Road, Chester and Great Eastern Square, Felixstowe.

It also sold retail units in Poole, Paisley and Preston for a total of £5.53m.

NewRive bought Lower Audley Street from a private property company for a total consideration of £14.6m, reflecting a net initial yield of 8.85%.

The company said that with 100% occupancy, the park would provide it with attractive cash on cash returns underpinned by a solid income stream. It said it had identified a range of asset management opportunities to enhance the capital value by improving the retail offer, potential for retail extensions and restaurant pods and improving the income security length through lease re-gears.

Allan Lockhart, property director at NewRiver Retail said: “As we approach our 31st March year end, we are pleased to complete these opportunistic purchases at a blended yield of 8.7% extending our selective investment into the retail warehouse sector. During our financial year we have deployed our shareholders’ capital into a total of £332 million of acquisitions of which 89% have been shopping centres and we have disposed of £40.2 million of assets. We remain committed to recycling assets following completion of our asset management strategies with all of the asset sales announced today, sold at a blended yield of 7.3%, delivering attractive financial returns.”