Congleton Retail Park in Cheshire has been sold by Lothbury Investment Management, on behalf of Lothbury Property Trust, to Middlesbrough Council’s Teesside Pension Fund, c/o CBRE Capital Advisors, for £15.09 million, representing a yield of 6.46%.
The retail park, which is in a locally dominant location, just under half a mile from Congleton town centre, comprises 10 units, let to B&M, Boots, Marks & Spencer, Laura Ashley, Shoe Zone, Bensons, Carphone Warehouse, Jollyes Pets, Halfords and Topps Tiles.
The units cover a total of 64,800 sq ft and generate an annual rental income in excess of £1 million. Tenants’ average weighted lease term is under three and a half years.
Ed Hockley, Fund Manager and Director of Lothbury Investment Management, said: “Congleton Retail Park has given the fund good rental growth since its purchase in 2014 and created some opportunities for asset management initiatives. However, with the retail environment undergoing considerable pressures, our policy is to selectively divest in the sector and de-risk our exposure.”
Congleton Retail Park was originally developed in 2004, with a 2007 extension, and has open A1 consent.
Morgan Williams acted for Lothbury; Edgerley Simpson Howe acted for Teesside Pension Fund.
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