CBRE brings South Manchester retail investment to market

CBRE has brought a retail investment opportunity in Altrincham, Manchester to market with an asking price of £3.95m, reflecting a net initial yield of 7.01%.
Situated alongside Stamford Quarter, which is owned by a joint venture between Trafford Council and Bruntwood, the asset extends to 23,000 sq ft and comprises five ground floor restaurant and retail units.
The fully-let development is home to tenants including Nando’s, Loungers, The Entertainer, Oriental grocer Chi Yip, and Most Bakery.
The retail cluster produces £295,000 of rent annually, and has a weighted average unexpired lease term of 10.3 years to expiry and 7.3 years to break. CBRE said there is scope for this rental income to rise to £420,000 annually.