Durham retail park handed £12m price tag
A retail park in Durham has been brought to market with a price tag of £12,000,000, reflecting a net initial yield of 8%.
Dragonville Retail Park spans approximately 100,000 sq ft and comprises 15 units ranging in size between 656 sq ft and 30,000 sq ft.
The scheme is anchored by Aldi, Iceland, Tk Maxx, and Matalan, with other tenants at the retail park including Greggs, Card Factory, Barnardo’s, Dominoes, Salvation Army, and Poundstretcher.
Dragonville Retail Park generates a rental income of £1,022,742 per annum and has a weighted average unexpired lease term of 4.5 years to expiry.
It also benefits from 308 surface-level car parking spaces.
The scheme is situated at the core of Durham’s out-of-town provision at the junction of the A181 and Dragon Lane approximately 2 miles east of Durham’s city centre.
Other schemes in close proximity include Dragon Retail Park, Dragon Lane Retail Park, Durham City Retail Park, and St Andrews Trade Park. Nearby retailers include Tesco Extra, Home Bargains, Lidl, The Range, B&Q, Dunelm, B & M, Currys, Wren, Sports Direct, ScS, Dreams, McDonalds, and Starbucks.
Rosebury Real Estate, which said Dragonville Retail Park has a variety of asset management opportunities, has been appointed to find a suitable purchaser.