North East retail park given £6.77m price tag

19th June 2023 | Jack Oliver

Part of one of the North East’s largest retail spaces has been placed on the market by commercial property firm UK Land Estates, which is seeking offers in excess of £6.77m.

Portrack Retail Park in Stockton offers 65,235 sq ft of space and is currently home to brands including One Gym, Michael O’Connor Furniture, kitchens specialist Howdens, United Carpets, and Tile Mountain.

Joint agents Knight Frank and JLL said a purchase of the site would produce a net yield of 7% and a capital value of £103.86 per square foot.

Gross rent across the scheme is reported to be £505,950 per year.

The site is part of the greater Portrack Lane cluster and is located nearby to stores such as The Range, B&M, Smyths Toys, Food Warehouse, Halfords, Screwfix and Toolstation.

David Gibbs of UK Land Estates described the scheme as a “highly secure and diverse investment”.

Dickon Wood, partner at Knight Frank said: “Portrack Retail Park provides an excellent opportunity to acquire a highly prominent retail warehouse and trade counter investment secured to a leading tenant line up, underpinned by a strong occupational market.”


Looking for more retail news? you might find these interesting