Orchard offloads Manchester retail park

CBRE Investment Management has completed the purchase of the 242,000 sq ft Snipe Retail Park in Ashton-Under-Lyne, Manchester, for £62m. The scheme, which is anchored by B&Q, was bought from Orchard Street Investment Management. Orchard bought the retail park from LaSalle Investment Management in 2015, paying £61.8m – a 6.7% yield. James Hurst, director in investment at Savills, which advised Orchard, said: “2024 has proved to be a resurgent year in the retail warehouse investment market, with strong trade, low vacancy and rental growth driving investment volumes in excess of £3bn for only the third time in the last decade. With such a robust occupational platform, we see this trend continuing into next year and beyond.” Xprop acted for CBRE IM.