Cheltenham retail park changes hands for £8.9m
A retail park in Cheltenham has changed hands in a deal worth almost £9m.
Pears Property, which acts on behalf of the billionaire Pears family, has acquired Gateway Retail Park for a total consideration of £8,860,000, reflecting a net initial yield of 7.4%.
Set across a 2.8 acre site, the scheme extends to 36,557 sq ft and is fully let to Currys, Smyths Toys, and Caffé Nero.
Gateway Retail Park is located on Tewkesbury Road (A4019) in the primary out-of-town retailing location in Cheltenham, with nearby schemes including Kingsditch Retail Park, Centrum Retail Park, and Gallagher Retail Park. Tenants at these retail parks include M&S, Next, Sainsbury’s, Dunelm, and B&M.
CBRE advised Pears Property, whilst Edgerley Simpson Howe advised the vendor.