Avison Young markets established retail parks following administration

Avison Young has been appointed to market two prominent retail parks on behalf of the administrators, Adrian Berry and Michael Magnay of Deloitte, of Preston-based property company, Marcus Worthington Properties.

The firm entered insolvency in November 2019.

The established Huddersfield and Preston-based retail outlets are home to numerous national retailers, offering stable income, many potential asset management opportunities and also the prospect for longer-term capital growth.

Gallagher Retail Park on Wakefield Road in Huddersfield totals 44,748 sq ft. The park trades exceptionally well and is fully let to institutionally-investable retailers including Aldi, M&S Foodhall, Pets at Home, Home Bargains and McDonald’s and offers an income of £791,955 per annum.

The agent is quoting a guide price of £10.24m.

North Road Retail Park in Preston totals 21,544 sq ft and is let to Evans Cycles and Pure Gym.

It is a modern scheme, having only been developed in 2014, situated in a prominent location on the A6, the main road into Preston from the M55 to the North.

The park offers a total annual income of £217,000 and the agent is quoting a guide price of £2.05m.

Alex Sweetman, director within Avison Young’s restructuring solutions team, said: “Both parks trade well and offer attractive and sustainable returns for those looking to invest in popular out-of-town retail destinations.

“Both parks are fully let to established, well-known occupiers and there is also some room for further development, particularly at the Preston scheme, providing the opportunity for longer term capital growth.

“Having taken the properties to the market in early January we are already seeing a promising level of interest and I would encourage any prospective parties to view the brochures on the Avison Young website get in touch with us as soon as possible.”