Cheshire retail park placed on the market for £53.7m
A retail park in Cheshire has been placed on the market with an asking price of £53,665,000.
Greyhound Retail Park Phase II, in the historic city of Chester, provides a total of 176,198 sq ft of retail space across 12 units and is serviced by 844 car parking spaces.
The retail park – which sits on a 16.3-acre freehold site – is let to retailers including Asda, Sofology, Listers, DFS, NCF Living, Tapi Carpets, Halfords, Dreams, Pets at Home, Wren Kitchens, Natuzzi, and Homebase.
The asset forms part of a wider regional shopping destination which in total comprises 841,000 sq ft of out-of-town retail accommodation. The retail park also forms part of the UK’s ninth-largest retail warehouse cluster.
The scheme produces an annual rent of £4,144,341 per annum – equivalent to £23.58 per sq ft – and has a weighted average unexpired lease term of 8.6 years to tenant break or lease expiry.
Staunton Whiteman – which has been appointed to handle the sale – said the asking price represents a net initial yield of 7.25%.