Deals across the region
HOWARD Town Retail Park in Glossop near Manchester has been sold for to Standard Life Investment Holdings for £10.3m, reflecting net yield of 6.94%, by Peveril Securities and Real Estate Development Partnerships.
The 75,000sq ft is home to M&S Simply Food, Travelodge, JD Wetherspoons, Edinburgh Woollen Mill and Peacocks.
Fifty-two residential apartments on the site have been retained by the vendors.
Peveril and Real Estate were represented by De Morgan & Co and Tushingham Moore Investments. Standard Life Investments was advised by Whitmarsh Holt Young.
Meanwhile, Peveril and Real Estate have also offloaded a three-acre brownfield site which has been developed in the heart of the village of Little Lever near Bolton which now includes a 29,000sq ft Tesco store, let on a 20-year lease at £14 per sq ft.
It has been sold to Limes Developments of Lincoln for £8.1m at an initial yield of 5.1%.
Damian Flood, of Real Estate, said: “We are really pleased to have completed this key development in the heart of Little Lever.
“The scheme had had a mixed history but we are used to unpicking challenging situations. Tesco have been great to work with and their store delivery team have worked very well with our project team to deliver on time.”
Tushingham Moore acted for Peveril Securities and Real Estate and Chase & Partners acted for Limes Developments.
In another deal, Real Estate Investment Partnerships and Hardy Mill Properties have sold Priorsleigh in the conservation area of Heaton Mersey, Stockport.
The self-contained block consists of six two-bedroomed apartments and was initially purchased by the partnership in 2012.
Improved maintenance systems and achieving above average rental growth were the catalysts to unlocking the value in the building.
Originally purchased for £550,000 the building was sold to a private investor for £840,000 representing a triple net yield of 4.46%.