Park Place Retail brings pair of retail parks to market
Park Place Retail has brought two retail parks to market on behalf of the same client.
The out-of-town specialist is marketing Victoria Retail Park in Halifax and Berse Road Retail Park in Wrexham for a combined valuation of over £5.4m.
Victoria Retail Park spans 25,014 sq ft and sits adjacent to a B&Q warehouse. The scheme is let to retailers including JD Gyms, Jolleyes Pets, and Dreams, and produces an average rental rate of £8.85 per sq ft.
The asset is being marketed with a price tag of £2,700,000, reflecting a net initial yield of 7.75%.
Berse Road Retail Park in Wrexham extends to 25,760 sq ft and is let to Dreams, Easy Bathrooms, and Screwfix. The park benefits from an average rent of £8.17 per sq ft and is located within the Plas Coch Retail Warehouse cluster, which includes retailers such as B&Q, M&S Foodhall, The Range, and Sainsbury’s.
Offers are being sought in excess of £2,713,000, reflecting a net initial yield of 7.25%, which is anticipated to rise to 8.00% by June 2029.
Park Place Retail said that although the two retail parks are being marketed separately, they may be purchased together.