UKCM buys Trafford Retail Park for £33m
Aberdeen Standard Investments’ UK Commercial Property REIT has bought Trafford Retail Park in Manchester from Peel L&P for £33m.
The park delivers an annual income of around £2.5m per year, with an average rent of £17.17 per sq ft across all stores.
Built in 1999, the circa 12-acre site comprises around 143,000 sq ft of retail warehousing across 14 units, ranging in size from 2,000 to 35,000 sq ft.
Aberdeen Standard Investments’ UK Commercial Property REIT has bought Trafford Retail Park in Manchester from Peel L&P for £33m.
The park delivers an annual income of around £2.5m per year, with an average rent of £17.17 per sq ft across all stores.
Built in 1999, the circa 12-acre site comprises around 143,000 sq ft of retail warehousing across 14 units, ranging in size from 2,000 to 35,000 sq ft.
The asset is 100% let to a range of retail tenants including Dunelm, B&M, TK Maxx and Home Bargains. It also has a food and beverage offering that includes Nando’s, Pizza Hut, McDonald’s and a recently completed Five Guys letting.
Kerri Hunter, fund manager at the REIT, said: “This deal presents us with an opportunity to strengthen our portfolio and enhance income through the acquisition of a well-located retail park with a high-quality tenant base and impressive footfall in one of the UK’s premier shopping and leisure destinations.
“While some parts of the retail sector have struggled in recent years, Trafford Retail Park is primarily let to discount-focused and convenience-led retailers, which have proven resilient and continue to perform well.”
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
Click here to view investment comparables in Manchester >>
Photo © Peel L&P
