Park Place Retail five retail parks to market

Bangor Retail Park and Lichfield Retail Park / Park Place Retail

Park Place Retail has brought five retail parks to the investment market with a combined asking price of over £39.7m.

The retail warehousing specialist is marketing Bangor Retail Park in Wales with a price tag of £11,118,000, reflecting a net initial yield of 7.75%.

The scheme comprises four purpose-built retail warehouse units let to Next, Sports Direct, Argos, and The Range. The asset produces an average rent of £15.08 per sq ft and has a weighted average unexpired lease term of 9.7 years.

Park Place Retail has also brought Lichfield Retail Park in Staffordshire to market with an asking price of £10,410,000, reflecting a net initial yield of 7.5%.

Located 16 miles north of Birmingham, the retail park is home to five retail units let to Wickes, Halfords, Easy Bathrooms, Pets at Home, and Jetts. It produces an average rent of £18.49 per sq ft and has a weighted average unexpired lease term of 5.2 years to expiry, and 4.9 years to break.

In addition, Park Place Retail has been instructed to market a portfolio of three retail parks comprising Victoria Retail Park in Halifax, Armstrong Retail Park in Washington and Berse Road Retail Park in Wrexham. The portfolio, which has been valued at £7,201,000, has a weighted average unexpired lease term of 6.3 years to expiry and 5.7 years to break, and produces an average rental rate of £9.55 per sq ft.

Although the assets are being marketed as one portfolio, each of the schemes are available on an individual basis.