A retail warehouse and trade counter park in Stockton-on-Tees has been sold to an overseas family office in a deal worth £6.35m.
The sale of Portrack Retail Park, which is located off Portrack Lane, was brokered by joint agents Knight Frank and JLL on behalf of UK Land Investments.
The site comprises 65,235 sq ft of fully-let retail, warehouse, and trade counter properties, with tenants including OneGym, Michael O’Connor Furniture, Howdens, United Carpets and Tile Mountain.
Knight Frank, which said there was a lot of interest from potential purchasers for the investment, has retained the property management contract for the site.
Gross rent at the scheme is £505,950 per year, an average of £8 per square foot.
Dickon Wood, partner at Knight Frank, said: “The investment market is increasingly difficult due to inflationary pressures and increasing base rates but this disposal of Portrack Retail Park demonstrates there are still some excellent opportunities and active investors in the market.”
David Gibbs, of UK Land Investments, added: “UK Land Investments Ltd has invested heavily in Portrack Retail Park and has been hugely successful in securing lettings to a strong line up of tenants from the trade, retail and leisure sectors, creating a highly secure and diverse investment.”