Peel completes disposal deal at Washington Retail Park
Manchester-based Peel Retail and Leisure has sold phase two of its retail park in Washington, in the North East, for an undisclosed sum.
The site, on the Sunderland Highway, Tyne & Wear, is part of the wider Washington Retail Park comprising 122,322 sq ft of retail space with 678 parking spaces.
London-based FPG (UK) has acquired the second phase, advised by the Manchester office of Watling Real Estate.
Ian Whittaker, a director in the Manchester office of Watling Real Estate, said: “Located prominently on Spire Road just off the Sunderland Highway (A1231), the park boasts an impressive tenant line-up, being anchored by a Lidl food store which accounts for over 50% of the income.
“Greggs, Food Warehouse and One Below make up the remaining tenant line up which has a very healthy 14-year WAULT (weighted average unexpired lease term).”
He added: “The current income is circa £600,000, with additional income available from electric vehicle chargers.”
Altaf Bharde, director at FPG, said: “We are thrilled to kick off the new financial year with a bang. The park is a fantastic addition to our portfolio and our pipeline for the coming months is looking strong.
“This acquisition perfectly aligns with our focus on out-of-town retail parks anchored by strong food retailers. A huge thank you to all our advisors for helping to make this deal happen.”
Ian Whittaker said the latest deal adds to the growing number of transactions that the firm has had the pleasure to work on with FPG.
“FPG are a fantastically reliable buyer and when they agree to something you have the confidence that it will be a smooth and timely transaction.
“FPG remains on the hunt for new stock for the remainder of the year, so we would be pleased to receive further approaches on suitable sites.”
Freddie Guest, of agents Savills, advised Peel on the sale, with Walker Morris providing legal advice.
Law firm, Harold Benjamin, acted for FPG, while Skyscape Property Management provided management support.
