Liverpool Mecca Bingo building acquired by London property developers

A building in Liverpool currently let to Mecca Bingo has been snapped up by a property investment company from London in an eight-figure deal.

Ediston Property Investment Company plc (EPIC) acquired the Liverpool site and two others, one in Hartlepool and another in Telford, for £10m with an initial net yield of 8.6%.

The firm used existing cash resources to fund the acquisition of the properties, which have a passing rent of more than £910k per annum.

Calum Bruce, the director of investment at EPIC’s advisory firm Ediston Properties Limited, said: “The purchase provides the company with a robust income stream at an attractive initial yield but with asset management angles to be exploited.”

Mecca Bingo is owned by Rank Group plc, which also operates Grosvenor Casinos.

Last month, Rank reported a 19% year-on-year increase in its adjusted pre-tax profit, which was up from £62.5m to £71.4m in the 12 months to June 30.

The group’s Mecca business saw an operating profit of £43m during the period, with almost one-third of that coming from digital sources.