CBRE wraps up 2024 with £62m Manchester retail park acquisition
CBRE Investment Management has acquired a retail park in Ashton-Under-Lyne in Manchester from Orchard Street Investment Management for £62m.
Located five miles east of the city centre, Snipe Retail Park spans 242,000 sq ft and is anchored by B&Q.
CBRE IM was represented by Xprop, whilst Savills acted for Orchard Street.
James Hurst, director in investment at Savills, 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 £3 billion, 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.”
The sale represents Savills’ 50th retail park traded this year, with the firm having been involved in over £1.6 billion worth of transactions, representing a 50% share in total market volume.