North Yorkshire shopping centre handed £6.85m price tag
A shopping centre in Redcar, North Yorkshire has been placed on the investment market with a price tag of £6,850,000, reflecting a net initial yield of 11.00%.
Regent Walk Shopping Centre extends to 121,355 sq ft and comprises 22 units across four blocks and two floors.
Tenants at the fully-occupied scheme B&M, Argos, Home Bargains, Greggs, JD Sports, and New Look.
The shopping centre provides a weighted average unexpired lease term of 3.7 years to expiry and 2.6 years to break. Combined estimated rental values at Regent Walk total £834,500 per annum.
Redcar’s core retail area is extends to approximately 570,000 sq ft, with Regent Walk forming the principal purpose-built retail provision and the link between the town’s main car park, the adjacent Morrisons superstore, and the town’s high street, which is anchored by occupiers including Iceland, Savers, Boots, Santander, and Halifax.
As a seaside town, Redcar is also home to a seafront retail and leisure pitch, with a range of boutique shops, restaurants and bars along the promenade.
Adjacent to Regent Walk is the development site of The Lookout, which will see the transformation of the former Marks & Spencer and Goodwins stores into a new 24,000 sq ft leisure and cultural destination. It will feature a new town library with family entertainment space, food and drink operators, and AR-enhanced digital darts and shuffleboard – anchored by a new public square.
Knight Frank has been appointed to find a suitable buyer.