Cape Town-based property fund acquires North East retail park

The UK branch of South African property fund FPG has acquired the second phase of Washington Retail Park, near Sunderland, in its first purchase of the year.

The retail park – which comprises 122,322 sq ft of space and features a 678-space car park – has been acquired from Peel Retail and Leisure.

Watling Real Estate advised FPG.

Ian Whittaker, director at Watling Real Estate, said: “Located prominently on Spire Road just off the Sunderland Highway, the park boasts an impressive tenant line up, being anchored by a Lidl food store which accounts for over 50 per cent of the income.

“Greggs, Food Warehouse and One Below make up the remaining tenant line up which has a very healthy 14 year WAULT. The current income is circa £600,000, with additional income available from electric vehicle chargers.

“FPG are a fantastically reliable buyer and when they agree to something you have the confidence that it will be a smooth and timely transaction. FPG remains on the hunt for new stock for the remainder of the year, so we would be pleased to receive further approaches on suitable sites.”

Savills advised Peel Retail and Leisure on the sale.