Bangor retail park bought for £14m

A RETAIL park built in Bangor six years ago has changed hands in a deal worth £14m.

Orchard Street Investment Management has bought the 70,000 sq ft park from on behalf of its UK Special Situations Fund from UBS Global Asset Management in a deal reflecting an initial yield of 7%. The The park is fully let and its current tenants include PC World, Matalan and DW Sports Fitness.

Orchard Street Investment Management said that the investment was the fifth it had made through the UK Special Situations Fund and that deals to date had totalled £106m.

Barney Rowe, a partner at Orchard Street and Fund Manager of the Special Situations Fund, said: “We are delighted to add St David’s Retail Park, Bangor to the portfolio of the Orchard Street UK Special Situations Fund. This opportunity is a high quality combination of a good yielding asset, providing excellent potential for rental growth in the medium term, as well as for its attractive asset management possibilities.

“We remain confident that the retail warehouse sector is interesting in general terms and Orchard Street would invest further when the right situations arise.”