PAG sells Widnes retail park

PROPERTY Alliance Group has sold a Widnes retail park to a London investor for £13.5m.

Mayfair Capital Investment Management said its flagship fund, the Property Income Trust for Charities (PITCH), had acquired the 93,000 sq ft, park off Dennis Road.

It is fully let to eight tenants, including B&Q, at a total rent of £947,397 a year, which equates to a net initial yield of 6.91%. The fund has also spent £9.1m acquiring a retail park in Skipton from Maple Grove Developments.

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