Trafford Retail Park sold to investor for £33m
Trafford Retail Park has been sold to a property investment company in a £33m transaction.
UK Commercial Property REIT, which is managed and advised by Aberdeen Standard Investments, acquired the 12-acre site from Peel L&P.
Constructed in 1999, the park comprises approximately 143,000 sq ft of retail warehouse accommodation across fourteen units and is currently home to Dunelm, B&M, TK Maxx and Home Bargains.
It is also home to a string food and drinks venues including Nando’s, Pizza Hut, McDonalds, and the recently completed Five Guys letting.
The park delivers an annual income of c £2.5m per year, with an average rent of £17.17 psf across all units and attracts 2.5m visitors a year.
Kerri Hunter, fund manager at UKCM, said: “This deal presents us with an opportunity to strengthen our portfolio and enhance income through the acquisition of a well-located retail park with a high quality tenant base and impressive footfall in one of the UK’s premier shopping and leisure destinations.
“While some parts of the retail sector have struggled in recent years, Trafford Retail Park is primarily let to discount focused and convenience led retailers, which have proven resilient and continue to perform well.
“As a diversified REIT, we benefit from the ability to look for assets across a range of sectors that offer accretive returns, enabling us to deliver value and income to our investors.”